Promoimsa buys a building in Valencia to develop 29 serviced apartments

Promoimsa buys a building in Valencia to develop 29 serviced apartments
PromoImsa building in Valencia

Promoimsa has finalised the purchase transaction of a building located in the Benimaclet neighbourhood (Valencia), where it plans to develop 29 tourist flats after undergoing renovation. The building has a surface area of 1,150 square metres, two floors and a protected façade and interior elements.

In addition, the company Mondelair, which owns the property, has contributed to adding value to the building by managing the hotel licence. The building is expected to be operational in the summer of 2024.

The building is located in a privileged area, as it is in the area of influence of the "Benimaclet" metro stop and the tram that connect in a few minutes with the centre of Valencia, the Polytechnic faculties and the Burjassot Campus. In addition, Benimaclet is a neighbourhood with a large number of flats for rent for students, and it is also easily accessible to the Malvarrosa Beach.

Joaquín Ivars, territorial director in the Levante area of BNP Paribas Real Estate, the consultancy firm chosen to advise on the operation in search of the developer for the project, pointed out that this is a valuable operation for a developer such as Promoimsa. "Hotel licences are very limited in Valencia and any project of this nature with a licence becomes very attractive to the investment market. It is a fact that the growth of the tourism sector in the city is revaluing the real estate assets destined for tourist establishments", Ivars points out.

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