Bankinter snaps up Spanish hotel portfolio for over €200m

Bankinter’s investment arm has announced the acquisition of a 92.5% stake in a portfolio of eight Spanish hotels from Spanish hotel group Meliá Hoteles International in a share deal believed to be worth over €200 mln.

Melia is retaining a 7.5% stake in the company, which is called Victoria Hotels & Resorts.

The portfolio includes the Gran Meliá Victoria hotel in Mallorca, Meliá Tamarindos in Gran Canaria, Meliá Granada, Sol Beach House Menorca, Meliá Salinas in Lanzarote, Innside Bosque in Mallorca, Meliá Atlanterra in Cádiz and Innside Zaragoza.

Except for the Innside Bosque and Innside Zaragoza, which have been recently renovated, all the other hotels will be redeveloped after the operation. To this aim, Bankinter Investment said that it is arranging a capex line of more than €125 mln.

With the operation, which is part of Meliá's asset rotation strategy, the group seeks to improve its liquidity position, maintaining the management of the assets through long-term management contracts.


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