Único Hotels and Schroders Capital Real Estate Hotels (Schroders Capital) have signed a definitive agreement for the sale of the 146-room Gran Hotel Central in the center of Barcelona for a purchase price of 93 million euros.
This acquisition is the first investment of the Schroder European Operating Hotel Fund I*. Both companies have been negotiating the transaction for five weeks.
As part of the transaction, Único Hotels will continue to manage the hotel. It will thus continue to be involved in what is an important property for the company. This investment marks the first alliance of the two groups.
The Grand Hotel Central is a five-star hotel located in the heart of Barcelona. Schroders Capital and Único Hotels intend to take advantage of the property's recent refurbishment to secure its position in the city's high-end hotel market.
«We are delighted to announce our first acquisition in Barcelona's leading hotel market which, despite the recent downturn in the tourism sector, is well positioned to rebound and thrive in the post-Covid environment. This transaction demonstrates Schroders Capital's ability to execute a commitment in a short timeframe», said Stephane Obadia, head of hotel investments at Schroders Capital Real Estate Hotels. He added that «this investment fits perfectly with the Fund's strategy and is a first step in building a diversified, high-quality hotel portfolio in some of Western Europe's leading business and leisure destinations. We are also very pleased to partner with the Único Hotels team for the management of the hotel».
Único Hotels was advised by DC Advisory and Herbert Smith Freehills, while Schroders Capital was advised by Clifford Chance, PWC and Artelia.