Meliá sells 3 hotels to Atom Hoteles Socimi

Meliá Hotels has completed the sale & leaseback of three properties located in Seville, Santa Cruz de Tenerife and Fuerteventura worth 73.4 million to Bankinter-owned fund, Atom Hoteles.

The hotels in question are Meliá Sevilla, Sol La Palma and Sol Jandía Mar which will continue to be operated by Meliá through leases which include a turnover rent clause and an obligatory term of five years, with a máximum of four extensions at the discretion of Meliá and up to a maximum of 25 years.

The price paid, 73.4 million euros, gives an approximate valuation of 66,000 euros per room and a multiple of EBITDA of 13.9 times. The net book value generated was 6.6 million euros.

Atom Hoteles Socimi, the Spanish REIT, is committed to investing 20.2 million euros in the refurbishment and repositioning of these hotels.



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