H10 hotels sells Ítaca Barcelona for €20M

Hotel chain H10 has sold the Ítaca Barcelona hotel to a local family office in a long-term sale and leaseback operation. The property traded for c.€20M, which translates to €200,000 per room. According to Hosteltur, H10 will manage the establishment adding it to its existing portfolio of 60 hotels under management in 19 tourist destinations, totaling more than 15,000 rooms (of which 15 are in Barcelona).

The sale of Ítaca Barcelona will allow the chain to increase liquidity and tackle the tough market moment caused by the Covid-19 crises. H10 Ítaca, located in the Eixample district, a few meters from Sants station, has recently renovated its facilities, including its hundred rooms and the De Blanc restaurant.

Industry sources indicate that H10 has other hotels for sale and that more hotels will be sold to achieve the necessary liquidity in the current business closure situation. Although most of the company is controlled (60%) by the Espelt family, other minority shareholders have shown their discomfort with the current earnings drought and forced the group to seek liquidity generation mechanisms.

The company currently has three different brands: (H10, Ocean and The One). H10 Hotels is its original brand which accumulates the most significant number of establishments (57), all of them in Europe(namely Germany, Italy, UK, Portugal and Spain). Its presence in Spain is spread throughout various locations , with properties in Barcelona, Córdoba, Costa del Sol (Malaga), Fuerteventura, Gran Canaria, La Palma, Madrid, Mallorca, Salou and Cambrils (Tarragona), Seville and Tenerife.

Ocean is the brand created in 2008 for its resorts in the Caribbean with five in Riviera Maya (Mexico), four hotels in Cuba, two in Punta Cana (Dominican Republic) and one under development in Jamaica.

Finally, The One is the brand launched in 2017 under which it operates high-end urban hotels. It currently has two establishments under this banner, one in Barcelona and the other in Lisbon (Portugal).

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