Room Mate, founded by Kike Sarasola, has announced the acquisition of hotel operator Staying Valencia, adding six hotels and four flat blocks in Valencia to its portfolio.
This transaction marks an important step in the company's growth strategy, as it plans to double its EBITDA in the previous year from €15.7 million to €40 million by 2024 thanks to the integration of these new assets. Sarasola is also aiming to reach 100 hotels in the medium and long term.
Three months ago, Kike Sarasola announced that Room Mate was in negotiations to buy new hotel assets, with the aim of doubling the number of rooms in the next 18 months.
With this acquisition, Room Mate has gone from 22 to 32 properties, increasing its capacity from 1,700 to 2,200 rooms. Valencia is now the company's main market. Sarasola underlines the growth potential of this dynamic city and its ability to generate good revenues.
The purchase of Staying Valencia follows two other major acquisitions at the end of 2023: The Lime Tree Hotel in London and the Palazzo Dei Fiori in Venice. Room Mate's next objective is to launch the Room Mate Collection brand, aimed at travellers seeking a more refined luxury experience.
Affected by the pandemic and the withdrawal of its main shareholder Sandra Ortega in 2021, the company filed for bankruptcy in 2022. Bought by Angelo Gordon and Westmont Hospitality, Room Mate has since enjoyed a series of positive developments.
"Since the acquisition of Room Mate Hotels in 2022 by TPG Angelo Gordon and Westmont, Room Mate Hotels has significantly strengthened its financial position and refreshed its portfolio through a multi-hotel investment programme. The company is now well positioned to continue its international expansion through further strategic acquisitions, new leases and hotel management agreements." - Angelo Gordon
