The Canadian fund Brookfield Asset Management has reached an agreement with Selenta Group to purchase four hotels in Spain for 440 million euros.
The Canadian fund Brookfield has closed the purchase of 100% of the Selenta hotel group, owned by the Catalan businessman Jordi Mestre, for 440 million euros, a transaction that includes both the management business and four of the hotels it held in its portfolio.
The portfolio being acquired contains more than 2,200 rooms: the five-star, 465-room Hotel Sofia, operated as part of Hyatt's Unbound Collection under a franchise agreement, and the four-star, 435-room Hotel Expo, as well as the five-star, 299-room Don Carlos Resort & Spa in Marbella and the five-star, 1,037-room Mare Nostrum Resort in Tenerife. All of them will continue to operate under the Selenta Group brand.
The senior vice president of Brookfield, Alberto Nin, said that Selenta Group offers the company an attractive opportunity to expand in Spain by acquiring high quality assets in the local market.
The Expo Valencia hotel will continue to be owned by Mestre, while the Nobu hotel, also in Barcelona, was sold earlier this year to the German fund ASG.
Brookfield is one of the world's largest real estate investors and an experienced global owner of hotel businesses. Selenta Group offers us an attractive opportunity to expand our presence in Spain and enter the lodging market by acquiring a large, high-quality portfolio in Spain's top tourist destinations along with an established management platform. We expect the partnership with Selenta to help us take the company into a new phase of its development.
Alberto Nin, senior vice president of Brookfield
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