Meliá Hotels International has closed the sale of a a 8 hotels portfolio for €203.9 million to a company owned by Bankinter and several high net worth and institutional clients.
The company, which will be renamed Victoria Hotels & Resorts, will be owned by Bankinter and Meliá with a 7.5% stake each. Located across the Balearics, the Canary Islands, Andalusia and Zaragoza, the hotels included in this deal are the Gran Meliá Victoria (Mallorca), Meliá Tamarindos (Gran Canaria), Meliá Granada, Sol Beach House Menorca, Meliá Salinas (Lanzarote), Innside Bosque (Mallorca), Meliá Atlanterra (Cádiz) and Innside Zaragoza.
Meliá also maintains the hotel management of the eight assets through long-term contracts and, subject to certain conditions of success, the possibility of exercising future purchase options on them at market price.
Excluding the residual interest of the hotel chain, taxes and other costs, the impact on the Meliá Group's cash flow is 170 million euros, generating accounting gains of approximately 62 million euros.
The hotel company has stated that it is fulfilling its commitment to undertake an asset sale to increase its liquidity after the crisis caused by Covid-19. The transaction also reinforces the company's asset rotation strategy and the consolidation of its management model.
From the buyer side, the transaction was structured by Bankinter Investment, Bankinter's investment banking arm.
Over the last five years, Bankinter Investment has successfully launched 16 alternative investment vehicles with committed capital in excess of EUR 3 billion. It has a portfolio of assets under management of more than €5 billion, including project finance.