The Tryp Zaragoza hotel, managed until now by Meliá Hotels International, has been purchased by the Fagra Group who will manage it independently going forward.
The deal, which also includes a commercial space of 2,000m² let to Mercadona, has had Catella and Colliers acting as advisors to the buyer and seller respectively.
The ‘Tryp Zaragoza’ was opened in October 2007 with 162 rooms, in front of the city’s AVE high speed train station and although initially meant to be managed by local hoteliers, F&G Hotels, it was eventually operated by Meliá Hotels International.
The new owner has ruled out continuing with the ‘Tryp by Wyndham’ franchise and will operate it under new brand name ‘AVE Zentral Zaragoza’ in line with the group’s two other hotels, the ‘Zentral Parque’ (3E-173) in Valladolid, and the ‘Zentral Mayoral’ (3E-110) in Toledo, which it purchased in 2015 and 2017 respectively.
According to Javier Bravo, the head of Catella’s hotel division, with the ongoing yield compression in the hotel segment, Zaragoza “has placed itself in the spotlight for investors, as it offers more attractive returns. In fact, Zaragoza has been the protagonist of several hotel transactions this year, confirming a growing interest in investing beyond Madrid and Barcelona”
Laura Hernando, Managing Director of Colliers’s Hotel division, has stated that «this transaction confirms the enormous liquidity of Spain’s hotel assets, where we see more and more transactions in secondary cities and growing interest from Spanish private investors.»