Meliá is expected to continue operating the hotels through long-term leasing contracts. Nevertheless, the vehicle’s manager will be GMA, the company that manages Atom, Bankinter’s hotel REIT, according to El Confidencial.
Although an agreement has been reached by the two companies, the transfer is subject to raising the necessary capital, for which there have already been several contacts with potential investors. Thus, the vehicle is being built to offer Bankinter’s clients an investment opportunity.
The eight hotels Meliá will transfer are holiday accommodation units, located in the Canary Islands, Balearic Islands and on the coast.
With this sale, the hotel chain will receive between 150 and 200 million euro. Since the beginning of the crisis generated by the coronavirus pandemic, family group Escarrer has taken different options, trying to apply significant discounts. Now, the deal with Bankinter was the solution they found.
The eight hotels will require a strong investment to refurbish and position them, so the portfolio will have a significant potential increase in value.