Pontegadea pays €25M for Cadiz’s Playaballena Aquapark & Spa Hotel.

Pontegadea, Amancio Ortega’s real estate investment vehicle, has announced the acquisition of the 4-star Playaballena Aquapark & Spa Hotel for c. €25 million located in the town of Rota in Cadiz (Andalusia). Including a Spa area and a small water park, the 324-room property targets family tourism and benefits from close proximity to the adjacent Costa Ballena Ocean Golf Club which is in an affluent neighbourhood. Industry sources indicate that the hotel was acquired from the family who own Playa Hoteles.

Tariffs currently range from €46 to €111 for an individual room and a suite respectively and the hotel has various indoor and exterior swimming pools as well as a wide sports and entertainment offering including petanque, shuffleboard, a court for shooting with carabine, a mini-golf and ping-pong tables. The sea-side town of Rota is surrounded by 16 km of magnificent beaches of fine golden sand, among which urban beaches such as La Costilla and El Rompidillo stand out. As is common with the Senator Hotels & Resorts brand, the property has a complete day and night entertainment program for all ages.

Ortega invests a large part of the dividends obtained from Inditex in real estate assets, through his vehicle Pontegadea which ultimately controls €15 billion in assets, according to the company’s accounts for 2019. Hotel properties account for between 5% and 10% of the portfolio representing a volume of up to €1.5 billion euros. By type of property, the greatest weight is in office buildings (60%) and retail (30%).