Hoteles de Cantabria buys the Santander Parayas hotel for €4M

Hoteles de Cantabria buys the Santander Parayas hotel for €4M

After the devastation caused by COVID-19 and the paralysis of economic activity, the hotel sector is once again recovering and reaching pre-pandemic figures. This has made them very attractive investment assets for family offices and investment funds. In this context, Hoteles Cantabria purchased the Hotel City Express Santander Parayas for 4 million euros. The transaction has been advised by the real estate consultancy firm, Laborde Marcet.

The building is located in one of the quietest areas of Santander, specifically in Calle Abilio García Barón, 1. The hotel asset has a total built area of 5,083 sqm, 6 floors and 103 rooms. In addition, the hotel, inaugurated in 2001, has an indoor and outdoor car park, with capacity for 15 and 40 vehicles respectively.

The return to normality is becoming an increasingly consolidated reality. According to the INE's hotel business report, overnight stays increased by 34.3% in August compared to the same month in 2021. Miquel Laborde, founding partner of Laborde Marcet, assures that "family offices and large investment portfolios find hotel assets to be a very attractive option and, at the same time, a safe bet".

As far as prices are concerned, Laborde explains that "although the situation throughout Spain is very heterogeneous, if we take a general overview, if the scenario marked by the reactivation of tourism is maintained, there will not be a fall in the value of hotel assets".

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