The Sixth Street investment fund and the Pierre & Vacances chain close a hotel joint venture. Sixth Street, in charge of the purchase of the assets, has closed the acquisition of five hotels in Benidorm, Roquetas, Lloret de Mar and Salou.
In total, the fund will allocate 85 million euros, not only to the purchase of the properties, but also to their repositioning. The hotels are located in Benidorm (Palm Beach 4* and 299 rooms, and Apartamentos Don Jorge 3LL and 166 rooms); Salou (Oh!Tels Playa Oro 3* and 175 rooms); Roquetas de Mar (Oh!Tels Roquetas 3* and 270 rooms); and Lloret de Mar (Santa Rosa 4* and 129 rooms). Between all, there are 1,039 rooms.
The consulting firm Colliers has advised the operation, from the buyside side.
With this latest movement, Pierre & Vacances portfolio includes 48 hotels in operation and 5,000 rooms in Spain alone. For its part, Sixth Street manages more than 60,000 million dollars in assets.
“This operation is excellent news for the vacation segment. The entry of an investor of the stature of Sixth Street in one of the most important operations of the year confirms the existing appetite of investors for the hotel sector. Furthermore, the Sixth Street alliance with a highly experienced manager such as Pierre & Vacances will allow them to take advantage of the opportunities offered by the sector and expand their initial portfolio ”, explains Gonzalo Gutiérrez, director of hotels at Colliers and responsible for the operation.