Israeli group Nistba purchased Hotel Cortés in Barcelona for €9M

Israeli group Nistba purchased Hotel Cortés in Barcelona for €9M

Hotel changes hands in Barcelona. Israeli investor group Nitsba acquired Hotel Cortés in Barcelona for nine million euro. Up until now, the hotel was the home and owned by entrepreneur Rafael González Bonilla, according to Expansión.

With two stars and 44 rooms, Hotel Cortés is located at calle Santa Anna in Barcelona. The new owners intend to fully refurbish the establishment. Nitsba was not the only company interested in acquiring the hotel, there were several companies who offered bids, such as REIT All Iron, which intended to enter the Barcelona market with its aparthotels business model, with this purchase.

Hotel Cortés’ new owner is a company specialised in developing housing and commercial projects. It also manages the assets. And, despite its activity being centred on its country of origin, it also has investments in Europe.

All Iron negotiated the purchase of this hotel to land its aparthotel business in Barcelona.

The deep tourist crisis is pushing hotel groups to sell their assets so as to assure liquidity when faced with the lack of revenue. Amongst the latest operations were the sale of H10 Ítaca for 20 million euro to a family office and the sale of hotel Nobu to fund ASG for 80 million euro.

Other establishments in the Catalan capital which were sold are: Mandarin Oriental, Fairmont Rey Juan Carlos I and Tryp Apollo. Sector’s experts predict constant trickling sales in the coming months before tourism’s slow recovery.

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