Atom sells B&B Hotel Granada Estación for €5.5M

Atom sells B&B Hotel Granada Estación for €5.5M

The socimi of the GMA group and Bankinter has closed the sale of the B&B hotel in Granada to a local business group for 5.5 million euros. According to a company statement, the vehicle has appreciated in value by more than 30%.

Atom has divested a four-star establishment with 81 rooms. The asset is located close to Granada train station and is served by the A44 and A92 motorways, and is a 20-minute drive from Federico García Lorca airport.

This is Atom's first sale since its debut on BME Growth in 2018. The company notes in the statement that "having overcome the Covid crisis and in line with the business plan, the company is carrying out a selective rotation of assets" with the transaction in Granada.

The Bankinter and GMA vehicle had already announced a few months ago that it was not ruling out divestments of already consolidated assets before the end of the year, with the aim of adding financial muscle to continue promoting its growth strategy.

Before the divestment of B&B Granada, the socimi's portfolio totalled 29 establishments, with 6,863 rooms, and a value of 702 million euros. Of the total, fifteen were urban hotels and fourteen were located in holiday areas.

The vast majority of these establishments, up to 26, were four-star hotels, such as the one in Granada. The company had contracts with up to fifteen operators, with Meliá (6), Marriot (5) and Hotusa (3) managing the largest number of Atom-owned establishments.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!