Hong Kong-based private equity player Gaw Capital Partners has acquired a 50% stake in Spanish boutique hotel brand, Hospes Hotel Group, with total assets valued at €125 mln.
The deal marks Gaw's entry into the European hospitality market, through its European Hospitality Fund I managed by GCP Hospitality, and creates a joint venture with Spanish investment company Omega Capital.
'We are delighted to form a joint venture with Omega Capital through our European Hospitality Fund I managed by GCP Hospitality to acquire a 50% stake in Hospes Hotel Group,' said Goodwin Gaw, chairman of Gaw Capital Partners.
'Entering the Spanish market with one of Spain's most distinguished entrepreneurs marks an important milestone for Gaw Capital Partners and its hospitality platform, GCP Hospitality, as we look to expand our presence in Europe and tap the abundant opportunities in one of the world's most popular tourism markets. We will further expand the Hospes brand by opening more properties in tourist areas and strategic cities within Spain and Southern Europe.'
Hospes Hotel Group has 10 properties, located in Madrid, Alicante, Granada, Valencia, Mallorca, Cordoba, Seville, Caceres and Salamanca.
'We are thrilled to expand our hotel portfolio to Europe,' said Christophe Vielle, CEO & co-founder of GCP Hospitality.
'With a very positive outlook for the continent's tourism industry, we are actively exploring ways to expand our portfolio in Europe.'
GCP Hospitality runs over 39 properties comprising 7,450 keys worldwide, with regional offices in Bangkok, Beijing, Hong Kong, Perth, San Francisco Singapore and Yangon.
CBRE Hotels advised Gaw Capital.