The operation includes establishments located in Barcelona, Madrid, Córdoba and Oviedo, totaling nearly 800 rooms, as well as a plot of land in the Portuguese city of Porto. To carry out the transaction, El Corte Inglés and Palladium Hotel Group, which have operated jointly in the hotel sector since 2006 with the Only You Hotels and Ayre Hotels brands that they control 50% of, have had BBVA and Deloitte as financial advisers, and Arcadis as technical advisor.
In November, Iberian Property reported that this operation should be closed for an amount between 135 and 150 million euros, however market sources updated on the deal point out that the investment volume is around 130 million euros.
The new owner of these hotels will be Eurazeo, a French investment group that has assets under management for a volume of 27,000 million euros and that, in addition to investing in real estate, has a private equity branch, with a portfolio of 450 companies, and another debt.
Pending that the transaction receives authorization from the competition authorities, both companies have detailed in a statement that their objective is to strengthen their position in the high-end hotel segment with the opening of new establishments of the Only You chain. In fact, they confirm that they are already analyzing various options to open in privileged national and international enclaves.
On the other hand, El Corte Inglés and Palladium have also agreed to transform the Ayre Hotel Sevilla into a new Only You establishment, a chain that currently has five establishments: two in Madrid, one in Valencia and one in Malaga, the latter under management.