This value will be invested in the purchase of 10 to 15 buildings in the historic centers of the main Spanish cities, that will be fully refurbished to open their doors as new hostels managed by its brand LOV Hostels.
LOV Hostels is the second largest group dedicated to hostels in Spain by number of beds, and has invested €35 million in just 6 months of activity.
According to Spanish Real Estate, its first Spanish property, under the brand Hatch Hostel (premium range), was acquired by Excem Real Estate in July, without use of financing. It should open in the fourth quarter of 2019.
Also purchased another building in Madrid, under the brand Cats (range activities / party), and another property under the brand Mad (cozy range). These three units will amount to a total of 1.000 beds.