IREA: Trophy asset deals expected in the Spanish hotel sector

The Spanish hotel sector is forecast to see an increase in trophy asset deals in 2008, according to the Spanish property services and research firm Irea. In its latest Hotel & Resort research report, Irea pointed out that disposals would be a result of the need for Spanish property companies to offload assets in the wake of a more challenging situation in the credit market. Habitat Inmobiliaria, which from last year's takeover of Ferrovial's real estate business inherited a debt pile of EUR 1.7 bn, was forced to sell the hotel Bauza in Madrid for about EUR 60mln to bank La Caixa. In January, real estate developer Evemarina announced the sale of Park Hyatt Casares Golf & Spa Resort in the Dona Julia resort to a Middle Eastern investment fund for EUR 70mln.

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