Spain’s hotel boom continues to attract capital and Xpandia Projects, who bought two buildings in Valencia last year, is in the process of seeking a JV partner to roll out 28 more hotels until 2024.
The group has five deals underway and plans to close the acquisition of three other assets during Q4 of 2019. In total, the developer expects to close 2019 with a total investment of c. €43 million in 8 hotel properties. All of the group’s assets are located in the Valencian and Andalusian region except for one project which is under negotiation in Spain’s capital, Madrid. Xpandia’s first project in Madrid is planned to have 119 rooms.
Xpandia also plans to invest in the city of Alicante which has been identified as a major investment focus for the company. They have projects to develop two new hotels with 115 rooms and 152 rooms respectively as well as purchase a plot for a third hotel.
Xpandia was founded in 2018 by property developer Cerquia‘s board members Carlos Cercadillo, Javier Pérez Picallo and Jesús Salinero to specialise in hotel development with a main focus on the provinces of Valencia and Alicante as well as the region of Andalusia.
In addition, the team has prior experience in Portugal’s capital where they own the four star Hotel Vinci Liberdade and the three star Hotel Exe Liberdade. Opened in 2016 and 2018, with 83 and 163 rooms respectively, both properties were thoroughly refurbished and preserve the original façades.