Bankinter’s hotel focused REIT, Atom, has purchased the Hotel Meliá in Valencia (formerly Hilton Valencia), located on the Avenida de las Cortes Valencianas, next to the city’s conference centre.
The 4-star hotel, which is managed by Meliá, is located in a 110-metre tall tower which opened in February 2008 with some 300 bedrooms and 21 meeting rooms with capacity to accommodate up to 875 people.
The vendor, Colony, had purchased the asset just a year ago from Continental Property Investment, a group controlled Lebanese businessman, Boutros El-Khouri. Previously, the hotel had been owned by Indian entrepreneur Lal Bhagwandas Sirwani and was run by Hilton.
Spanish REIT Atom, which was listed on Madrid’s Alternative Stock Exchange (MAB) last November, owns 21 hotels, with 5,232 rooms, and 30 retail units, and plans to continue growing. Atom’s portfolio, which is 60% focused on vacation destinations, was valued at approximately 489 million at year-end 2018 with a diverse mix of tenants including 6 Meliá-managed assets