The investment company Sixth Street has announced, jointly with Pierre & Vacances Spain, the acquisition of five hotels located in the country, totaling more than 1,000 rooms, in which it will invest 85 million euros.
The investment company has over $60 billion in assets under management and is based in London. This is a new alliance between the two companies for the acquisition, capital investment and operation of hotels and resorts in Spain.
Under the agreement, Sixth Street will invest in the acquisition and development of assets, which Pierre & Vacances Spain will help identify and operate.
The alliance starts with the acquisition of five hotels, located in Benidorm, Roquetas de Mar, Lloret de Mar and Salou, involving an investment of approximately 85 million euros to acquire and improve quality and services, as well as to adapt them to Pierre & Vacances' standards.
Pierre & Vacances will thus have a portfolio of more than 5,000 accommodation units in 48 apartment complexes and hotels, representing a 16% increase in its accommodation capacity.
José María Pont, CEO of Pierre & Vacances Spain, said:
Despite the fact that the crisis caused by COVID-19 is still ongoing, both companies are aware that Spain is and will be a destination of choice for European tourists in the coming years.
The five new hotels - Pierre & Vacances Benidorm Horizon, Pierre & Vacances' Hotel Benidorm East****, Pierre & Vacances' Hotel Salou Sunset ***, Pierre & Vacances' Hotel Roquetas El Palmeral*** and Pierre & Vacances' Hotel Lloret Santa Rosa**** - have a total of 1,039 rooms and are part of Pierre & Vacances' tourism development strategy on the Spanish mainland. The company will now operate a total of four properties in Benidorm, one in Lloret, two in Roquetas and three in Salou.
