AXA IM Alts, global leader in alternative investments, has announced the acquisition of a 5* hotel in Barcelona on behalf of its clients.
Hotel Sofia was acquired in joint venture with Spanish-based partner Blasson Property Investments, who acted as operating partner. It was acquired from Selenta Group, Brookfield’s Spanish hospitality platform.
The 19-storey hotel boasts 465 guestrooms, two bars, a restaurant, a café, a rooftop restaurant and bar terrace, as well as wellness facilities including a spa, a gym, and an indoor and outdoor pool.
Originally built in 1974, the hotel underwent comprehensive renovation works between 2016 and 2019. Upon completion of the acquisition, it will undergo a repositioning programme in order to enhance further its specifications, amenities, and sustainability credentials.
Following the repositioning of the property by AXA IM Alts, it will be operated by global hospitality group, Hyatt International.
The five-star property is located in the Les Corts business district of central Barcelona. It stands ten minutes’ walk from two metro stations and fifteen minutes from El Prat airport on public transport.
The acquisition brings AXA IM Alts’ managed portfolio to over 13,000 keys across 60 hotels in 13 countries.
With the delivery of new hotels in Barcelona constrained yet year-round demand for hospitality in the dynamic city continuing in an upward trajectory, this acquisition represents an opportunity to leverage AXA IM Alts’ market-leading asset management expertise to upgrade a high-quality asset and capitalise on favourable market demographics.
Esther Escapa, Head of Real Estate Transactions & Development Iberia at AXA IM Alts
