Room007, operator of hostels and boutique hotels, has closed the purchase of its counterpart Bluesock Hostels.
The absorption of this competing company means expanding the portfolio with 91 rooms, 404 beds; spread over two hostels located in Madrid and Lisbon. Specifically, the Madrilenian is at Gran Vía 6 and the Portuguese at Rúa Manuel Jesús Coelho 1, 20 meters from Avenida de Liberdade.
The operation has been closed between 1 and 2 million euros, paid with Room007's own funds; according to El Confidencial. The integration of both companies will be closed during the next 12 months.
«This operation is part of the growth stage that Room007 has started after closing the first round last June. The company is currently preparing a second round with new investors to make the leap to countries such as Italy or France», stated the purchasing company.
Room007 seeks to have a portfolio of 1,300 rooms and 4,000 beds by 2023. To date, it has 17 assets in Madrid, Seville, Lisbon, Malaga, San Sebastián and Bilbao.