The American investment fund will create a joint-venture with the Spanish HI Partners to invest 500 million euros in the local hotel market over the next three years.
Starwood Capital and HI Partners are joining forces on the Spanish market. The two groups will create a joint venture to invest 500 million euros in Spanish hotels over the next three years. Starwood Capital will own 70% of the company and HI Partners will own the remaining 30%. The latter will also be in charge of its management.
The investment strategy of the joint venture will concentrate on the acquisition of hotels with more than 200 rooms positioned on the three and four star segments. These properties are to be located in major tourist destinations, such as the Balearic Islands, the Canary Islands, Costa del Sol, Costa Dorada and Costa Brava. Other projects for upscale urban hotels are also planned for the cities of Barcelona and Madrid.
Starwood Capital thus strengthens its presence on the market, after creating a first joint-venture with Melià Hotel International last June, for the acquisition of a portfolio of seaside hotels with a total of 2,933 rooms.
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