French SCPI Atream Hôtels has entered the Spanish market with the acquisition of the Sun Palace Albir hotel, a four-star, 216-room property in L’Alfàs del Pi, Alicante. The transaction value and the identity of the seller have not been disclosed.
The vehicle managed by Atream Hôtels will own the property, while Pierre & Vacances will operate the hotel under a 15-year firm lease. The operator will also acquire the business previously managed by GAT Hospitality.
The new owner and Pierre & Vacances will invest more than €2.7 million in refurbishing the hotel during the winter season, with works aimed at updating the facilities ahead of its reopening in 2027.
The property features a swimming pool, wellness area and rooftop bar. Located in El Albir, a coastal area within the municipality of L’Alfàs del Pi in Alicante, the hotel will become Pierre & Vacances’ sixth property along the coastline between Valencia and Alicante.
Colliers advised the seller and CMS advised the buyer on the transaction, while GAT Hospitality will assist with the transition to the new operator.
The acquisition marks Atream Hôtels’ first hotel investment in Spain. The vehicle is already present in France, Belgium, Germany, Italy and the Netherlands.
