Mazabi intends to invest €200M in hotels

Mazabi intends to invest €200M in hotels

Atalaya Castelar, Santander | Photo Collected from Mazabi

This investment comes at a time when the current situation caused by the coronavirus pandemic might generate opportunities within the hotel segment. According to Mazabi’s CEO, Juan Antonio Gutiérrez, «in times like these we are faced with an opportunity to continue with our long-term growth strategy by incorporating new hotel assets either by acquiring them directly or through Silicius, the Group’s REIT».

Mazabi’s CEO further explained that «we want to complement our hotel portfolio with strategic and diverse locations», such as the Balearic and Canary Islands, Costa del Sol, Cadiz, Madrid, Barcelona, Seville, Malaga, San Sebastian, Bilbao and Valencia.

Amongst the latest purchases within the hotel segment are luxury hotel Club de Regatas, with 64 rooms, located in Santander, and the future Room007 with 75 rooms located at Tetuán street in Seville. Both should be refurbished in a 2-year long project.

The company has already invested a total 420 million euro in this segment. It currently has 11 hotels in its portfolio and 3 on which it is investing – which represents 25% of all its assets – spread across different prime locations in Spain.

The goal defined by Mazabi for 2020 is to continue its plan to expand its diverse portfolio into strategic locations within the main Spanish cities. It intends to end 2020 with 2.000 million euro under management, above the 1.500 million it managed at the beginning of the year. The growth plan includes not only Spain but also different locations across Europe.

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