A portfolio of 17 branded Meliá hotels has been put up for sale by a Spanish family office.
Equity Inmuebles, which is owned by the Calero, Briones and Mazin families who set up the Tryp hotel chain, is looking offload the properties, valued at around €700 million, according to El Confidencial.
The portfolio includes properties such as the ME hotel in Plaza de Santa en Ana, in Madrid. The 17 hotels have a total of 2,500 rooms with a roughly 50/50 split between vacation and urban locations.
The relationship between Tryp and Meliá dates back to 2000 when Meliá bought the 60-hotel chain for around for $337 million in cash and stock. The owners of Tryp, however, kept hold of a number of properties. Melia sold the Tryp brand to Wyndham in 2010 for $43 million.