Atalaya Asset Management and Summum Hotel Group have set up Atalum Hospitality, a platform through which they aim to drive more than €2 billion of hotel investment. It brings together Atalaya’s capital structuring and investment management with Summum’s operational experience, to support each asset from acquisition through repositioning to exit.
The platform aims to connect owners who need to sell, refinance or transform their hotels with investors interested in structured deals. It will handle acquisitions, disposals, co-investments and repositioning, for both single assets and portfolios, covering urban and resort hotels, conversions, serviced apartments and branded residences.
Atalaya will take part through Atalaya Hospitality, its specialist hotel division led by Jairo González Monje, who joins as co-founder and partner. The team will be responsible for raising investor capital, structuring equity and financing, and managing the investment and relationships with financial partners. Summum Hotel Group will handle operational analysis and hotel management, including repositioning.
Atalum aims to draw up a single business plan for each asset, covering investment needs and property improvements from the outset, as well as positioning, operations and a potential exit. “The value of this partnership lies in bringing the operational perspective in before investing, not after”, explained Aurelio Vázquez, Managing Director of Summum, adding that this allows revenue, costs, CapEx and each hotel’s improvement potential to be assessed from the start.
The partners’ teams bring experience across more than 80 hotels, 10,000 rooms and assets worth more than €2.3 billion, and the platform is already assessing more than 50 opportunities. Summum currently manages a portfolio of 47 hotels, 42 in operation and five under development, with more than 5,400 rooms.