Bankinter explores the sale of the hotel socimi Atom

Bankinter explores the sale of the hotel socimi Atom
Hotel Miramar in Barcelona, owned by Atom Hoteles.

Bankinter is in talks with several investors and financiers to express its interest in selling Atom Hoteles, a socimi it founded six years ago with GMA, according to El Confidencial. Sources of the media have confirmed that, under the presidency of María Dolores Dancausa, the entity is exploring the market to assess the feasibility of this transaction, which could reach 1,000 million euros. These contacts are direct, made outside of any formal sales process with an official mandate. 

The hotel investment market is experiencing a favorable moment, with many international funds interested in developing large hotel portfolios, signaling to Bankinter that it is a good time to act. Atom Hoteles currently has approximately 800 shareholders and its portfolio includes 28 properties recently valued by Savills at €872 million, with a total of 6,713 rooms occupying more than 540,000 square meters.

The portfolio includes four- and five-star urban and vacation hotels, located in established destinations on the Spanish coast and the Canary and Balearic archipelagos. The only hotel outside Spain is the Hotel Avenue Louise Trademark Collection by Wyndham in Brussels, which will reopen in 2021 after a complete refurbishment. Since its creation, Atom has made three divestitures, including the sale of the B&B Hotel Granada Estación for €5.5 million, the Ibersol Antemare Spa in Sitges for €10 million, and the AC Ciudad de Sevilla for €7.5 million. Its most recent acquisitions include two five-star hotels in Barcelona, purchased for €50 million in total.

Atom operates all of its hotels under long-term leases with 17 different brands, including Marriott and Hyatt. Bankinter Investment's initial strategy when launching the socimi in 2018 envisages a seven-year term, with the possibility of extending it for up to three more years. This timeframe, combined with growing interest in hotel investments, has also cultivated current contacts with major investors and sovereign wealth funds that are looking to expand into Europe.

The Spanish market, being a global tourism powerhouse and a stable market, plays a crucial role in this context of consolidation. Atom is using this situation to position its assets attractively for investors, who last year invested €4.3 billion in hotels in Spain, accounting for 36% of all real estate investments in the country.

Bankinter Investment has created more than 20 alternative investment vehicles in less than a day, managing more than €7.2 billion. At Atom, they seek a 9% yield for their investors, and the company has distributed €60 million in dividends since inception. Another notable project is Victoria Hotel & Resorts, launched in 2021, which involves a portfolio of eight premium hotels acquired from Meliá, with an estimated value of €400 million post-renovation.

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