B&B Hotels has announced the sale of B&B Hotel Lisboa Aeroporto for 14 million euro to fund MNK Partners.
Located next to Humberto Delgado airport, the hotel was developed and financed by B&B Hotels and built by Grupo Casais, seeking to simultaneously sell it and lease it to a real estate fund, through a long-term guaranteed leasing contract, explained the group quoted by press agency Lusa. It is one more deal made in close collaboration with funds specialised in real estate investment.
Now that the deal is concluded, B&B Hotels «will redirect 100% of its real estate assets in Portugal», consolidating its asset light business model in the Iberian Peninsula, «key to maintain its strong growth».
Lucía Méndez-Bonito, executive president for Spain and Portugal at B&B, commented in a release that the «sale of hotels with guaranteed long-term leasing is a strategic operation for B&B Hotels, since it allows to maintain the balance in Spain and Portugal so as to keep a strong growth pace in the future within the entire Iberian Peninsula».
«We currently have a wide number of ongoing projects and we continue searching for opportunities to continue our sustained growth in the entire region so as to extend our network with 10 more hotels in Portugal in 2021», she added. And completed that «Spain and Portugal are two key markets for B&B Hotels’ development and our ambition to continue being the undisputed leader of budget hotels», quoted Negócios.
B&B Hotels was acquired by Goldman Sachs in 2019, along with its management team. It currently has 37 hotels in Spain and 5 in Portugal, all with long-term leases.