Único Hotels, has reached an agreement with Schroders Capital Real State Hotels (Sreh) to sell the Grand Hotel Central and keep its management for 93 million euros. The establishment, located in Barcelona's historic center, has 146 rooms and a five-star category.
The group aims to buy the building of its hotel in Madrid (Único Madrid) which had been sold to an investor advised by A&G for 22.5 million euros. The transaction was a 20-year sale & leaseback with an option for Único Hotels to buy it back.
There are multiple positive aspects to this transaction. Firstly, it allows us to bring in a quality investor with full knowledge of the sector to invest in Barcelona. Secondly, it recognizes the good work done to date by Único Hotels, which will continue to manage the Grand Hotel Central through a management agreement. Finally, it significantly strengthens the balance of our group to continue with an expansion plan through new acquisitions that reinforce our asset-based approach by taking advantage of opportunities that may arise in new destinations or in locations where we are already present.
Pau Guardans, President and CEO of Único Hotels
Único Hotels currently has Único and The Principal, in Madrid; Mas de Torrent, in Girona, and Finca Serena, in Mallorca. Grand Hotel Central is scheduled to reopen on July 26.
This investment fits perfectly with the fund's strategy and is a first step in building a high-quality diversified hotel portfolio in some of Western Europe's leading business and leisure destinations.
Stephane Obadia, Head of Hotel Investments at Schroders Capital Real Estate Hotels
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