Bankinter has bought a majority stake in a portfolio of eight Spanish hotels from Meliá, in a deal which values the new company at more than €200 million.
The transaction includes six hotels owned by Meliá and its participation in a company that owns another two. Meliá will continue to operate the properties and will also hold a 7.5% stake in the new company.
The deal also involved investor GMA and a small number of Bankintur’s high-net-worth clients and institutional investors.
The hotels included in the deal are: Gran Meliá Victoria (Mallorca), Meliá Tamarindos (Gran Canaria), Meliá Granada, Sol Beach House Menorca, Meliá Salinas (Lanzarote), Innside Bosque (Mallorca), Meliá Atlanterra (Cadiz) and Innside Zaragoza.
All but two of the properties will now undergo major renovations to take full advantage of the recovery of tourism that is expected to coincide with their completion. Bankinter Investment is coordinating the financing of the hotel renovation projects, with an expected capex investment of more than €125 million. The new company will be known as Victoria Hotels & Resorts.
The transaction forms part of Meliá's asset rotation strategy and will assist in improving its liquidity.