Hispania announced that the company has signed an agreement to acquire a 24% stake in Barcelo Group’s Bay Hotels & Leisure.
MADRID, 27th December 2017 - Hispania has signed an agreement with Barceló Group to acquire its 24% stake in Bay Hotels & Leisure SOCIMI, S.A.; known as BAY, as well as to terminate the Shareholders Agreement relating to BAY and to amend certain terms of the Investment Agreement between both parties. The price agreed for the acquisition of the shares including the liquidation of the incentive fee included in the Shareholder’s Agreement amounts to 155 million euro. Additionally Hispania will pay Barceló Group an amount equal to the expected dividend in BAY for the year 2017, amounting close to 11 million euro, as well as certain compensatory and/or settlement payments derived from the termination of the Shareholders Agreement and from the amendment to the Investment Agreement. All items contemplated amount to a total transaction cost of 172.4 million euro.
Simultaneously Hispania has acquired from Barceló Group the Hotel Barceló Guadalmina for a total amount of 19 million euro. The 4 star category hotel is located in Guadalmina Alta (San Pedro de Alcantara) and was built in 2004 with a total of 206 keys. With this hotel Hispania consolidates its position in Marbella, where it already owns the Hotel Guadalmina with 178 keys.
Barceló Group will remain as Hispania’s strategic partner, operating through different brands of the Group, close to 20 of its 45 hotels.
With these acquisitions and the repositioning and refurbishment plans, Hispania commits all of its investment capacity and concludes successfully its investment period, consolidating as the largest hotel owner in Spain with more than 13,100 keys and as the main institutional investor in the resort segment.
“Hispania demonstrates once more its execution and value creation capacity, committing all of its investment capacity and creating the largest vacational hotel portfolio in Spain, one of the main touristic destinations worldwide.” Says Concha Osácar, Board Member of Hispania.
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