Schroders Capital Real Estate Hotelshas agreed to acquire the Grand Hotel Central in Barcelona for €93 million from Único Hotels.
As part of the transaction, Único Hotels will remain as manager of the property. This investment marks the first partnership of the two groups. It is also the first investment for the Schroder European Operating Hotel Fund I*.
The Grand Hotel Central is a five-star hotel located in the heart of Barcelona.
“We are delighted to announce our first acquisition in Barcelona's leading hotel market which, despite the recent drop in travel, is well-positioned to rebound and flourish in the post-Covid environment. This transaction confirms Schroders Capital’s ability to deliver on its commitment in a really short time frame,” Stephane Obadia, head of hotel investments, Schroders Capital Real Estate Hotels, said.
“This investment fits perfectly with the Fund’s strategy and is a first step in creating a high-quality diversified hotel portfolio across some of Western Europe’s top business and leisure destinations. We are also very pleased to partner with the Único Hotels team to manage the hotel.”
Pau Guardans, president and CEO of Único Hotels, added: "This transaction has multiple positive aspects. Firstly, it allows us to bring a quality investor with full knowledge of the sector to get involved with Barcelona. Secondly, it recognises the good work done to date by Único Hotels that will continue to manage the Grand Hotel Central through a management agreement.
“Finally, it significantly strengthens the balance of our group to continue with our expansion plan through new acquisitions that reinforce our asset-based focus taking advantage of opportunities that may arise in new destinations or in locations where we are already present."