Extendam continues its development on the Iberian Peninsula with the acquisition of a DoubleTree by Hilton and an ibis Styles in Galicia, right in the centre of A Coruña, a port city in north-west Spain.
A Coruña is not only the main economic centre of the Galicia region but also a major tourist destination. It is particularly well served by its port, railway station, rail network and airport, which is undergoing rapid development with the arrival of a high-speed line linking the city to Madrid in three hours.
The two properties will not require renovation but will undergo a new revenue management strategy driven by the new operator and co-investor in the deal, DG Invest, a company headed by Laurent Gauze, the largest Accor franchisee in Southern Europe, and Jean-Charles Delgado, former Accor General Manager for Southern Europe. Both have extensive knowledge of the Iberian market.
Located in the city centre, close to Praia de Riazor beach and 900 metres from the Palexco congress and exhibition centre, the DoubleTree by Hilton A Coruña opened in September 2019 after extensive repositioning work. The hotel has 59 rooms, a function room, a wellness area and a gym in a total area of 4,600 m².
The Ibis Styles A Coruña is located in the heart of the business district and an important administrative centre, close to the city's train station and airport. Renovated in 2018, the Ibis Styles has a surface area of 5,800 m², 84 rooms, a restaurant and 3 seminar rooms.
Spain and the Iberian Peninsula have always been a privileged investment area for EXTENDAM. It is a major territory in Europe, with excellent fundamentals for the hospitality investment market over the next 5 to 10 years. Our analysis shows that there is still plenty of room for growth in the quality budget and mid-range hospitality sector. We are also delighted to be conducting this off-market operation with Laurent Gauze and Jean-Charles Delgado, two partners who are very knowledgeable about the regional market and with whom we always enjoy repositioning and developing new properties.
Jean-Marc Palhon, President of Extendam
Positioned in premium locations in a region undergoing rapid economic and tourist development, the two new assets in which we are investing have both great potential for attractiveness and characteristics that allow them to be highly resilient. The DoubleTree by Hilton and the ibis Styles can count on a mixed domestic business and leisure clientele.
Inès de l'Aulnoit Manager at Extendam
