Already present in 8 destinations in Spain, the investor is buying a property, business assets included, in Logroño, capital of La Rioja.
This is the second NH property in Logroño, the Spanish brand also operates a 4-star property in the destination. EXTENDAM is investing in a 110-room property that will be completely renovated and repositioned in the market of the capital of La Rioja.
The property is close to the historic centre and road access to Bilbao, Barcelona and Madrid. The city of Logroño has 150,000 inhabitants and a dynamic economic activity in the north of Spain, with industry and the wines of La Rioja making it famous. It is also a stopover for pilgrims on their way to Santiago de Compostela.
Anna Cohen and Matthieu Dracs, in charge of the investment for EXTENDAM, state: "In the north of Spain, Logroño and the region of La Rioja combine an economic and tourist appeal that allows it to be resilient in terms of visitor numbers. The region's hotel market is mainly made up of independent hotels. Our new internationally branded asset will add to a previously relatively small and highly popular supply of branded hotels. While the city experiences a peak of activity in the summer, it maintains a stable number of visitors throughout the year and a regular demand for business accommodation".
Jean-Marc Palhon, President of EXTENDAM, underlines his company's interest in the peninsula: "These elements confirm our interest in the Iberian Peninsula: a major territory in Europe which benefits from excellent fundamentals for the hotel investment market over the next 5 to 10 years. According to our analysis, the economy segment is very dynamic despite a shortage of quality hotels. This off-market transaction brings the number of hotels in the EXTENDAM portfolio in Spain and Portugal to 19".
EXTENDAM announces a portfolio of 268 hotel properties in Europe for a total of 21093 rooms as of 1 January 2022. This is the fifth hotel property acquired by the investor in partnership with Continuum Hospitality Group, a specialist in the Iberian market.
