Jersey-based private equity investment manager ActivumSG (ASG) has agreed an operating contract with Hampton by Hilton for its latest 242-room hotel development in Barcelona.
The property represents the third investment to date in Spain’s hotel sector by ASG funds.
Hampton by Hilton Barcelona Fira Gran Via will operate under a franchise agreement with Borealis Hotel Group, which has signed a long lease to operate the new hotel. ASG will build the property opposite the Fira de Barcelona conference center in the Plaza Europa business district. Construction work has started on the €40 mln project, and ASG is scheduled to deliver the new hotel in the first quarter of 2021.
Saul Goldstein, ASG’s founder and managing partner, said:'We have a good pipeline of projects and expect to make fresh announcements in the coming months as our hotel strategy gains momentum.'
Hard Rock International signed in October for a hotel that ASG created by converting an office building in Madrid’s museum district. ASG is also upgrading a hotel in the historic center of Málaga to reposition it for the luxury segment of the market. The Hampton by Hilton Barcelona development is an investment by ASG’s Iberia Fund I.