The Mestre family is negotiating the sale of its hotel chain to an international fund for about 450 million euros. The group has succumbed to the acute tourism crisis caused by the pandemic.
Large international financial groups such as Blackstone, Goldman Sachs, Fortress or Lone Star analyze Selenta's sales notebook, which is made up of a portfolio of high-quality hotels in Barcelona, Marbella, the Canary Islands and Valencia. In total, five establishments that add about 2,600 high-class rooms.
According to EjePrime the negotiation is in its final phase. «There are already four or five offers on the table; the decision should not be delayed», they point out. The sale is directly piloted by Albert Tomás, CEO of Selenta, who has a solid professional career in the financial field and in mergers and acquisitions processes.
The operation includes the maintenance of the management team after the sale, since it is considered a valuable and fundamental asset to add value to the group once the pandemic is overcome and the hotels reopen.
Selenta is chaired by Jordi Mestre, who also chairs the Barcelona Hotel Guild. The chain has promoted an ambitious investment plan in recent years that led it to completely renovate the Sofia hotel in Barcelona, after an investment of 60 million euros, and the Torre Catalunya, also in Barcelona. This last establishment became the Nobu Hotel Barcelona after a 30 million euro reform.
These investments have placed the group's indebtedness at 200 million euros at a very difficult time for a hotel chain. At the end of last year, Selenta already divested of Nobu Hotel Barcelona, which ASG Homes bought for 80 million euros. It was not enough.
«The sale offer will be between 400 million euros and 450 million; the discount on the real value will not be very high, around 10%, because all the assets are of high quality », explain sources in the sector.
Selenta main assets
The Sofia hotel is the jewel in the group's crown. It is a five-star luxury hotel with 465 rooms and a careful gastronomic offer. Most of his occupation comes from international clients. There are also two well-known five-star establishments in Marbella: Don Carlos Resort & Spa, with 243 rooms, and the Sir Anthony boutique hotel, with 70 rooms.
The Mare Nostrum, a resort with various establishments with more than a thousand rooms in the south of Tenerife, is also highly recognized in the tourism sector. Finally, Selenta has two urban establishments, the Expohoteles de Barcelona and Valencia, with 423 and 378 rooms, respectively. To these establishments must be added other tourist assets that also enter the operation, such as the Nikki Beach in Marbella or the Hard Rock Café in Tenerife.
In short, a collection of high-quality tourist assets that will end up in the hands of a venture capital fund. «Only those who have fresh money can undertake this operation, because in a context like the current one, no bank will lend money to a hotelier to undertake this purchase », say experts from the tourist activity. Elenta has 1,400 workers. The company closed the 2019 financial year with a business volume of 152 million euros.