Located in the Turia Garden, a strategic area of the city between the historic center and the Palacio de Congresos, the asset is expected to be delivered in the second half of 2024.

The project will convert the former Expo Hotel, a 12-storey building which will be completely renovated. The conversion project will include 370 rooms, a coffee shop and a restaurant, a rooftop terrace, a gym, a breakfast room, and a large meeting and coworking area.

The hotel will be managed by Hesperia Group.

'This agreement with Pictet allows us to continue to expand our presence of Novotel in the major cities of the Iberian Peninsula,' said Coré Martin, VP Development Spain & Portugal. 'It is a pleasure to have the confidence of a leading independent investment firm such as Pictet and its team in Spain. This is a magnificent collaboration that we hope to replicate in future projects.'

Pablo Granell Peris, head of Real Estate at Pictet Alternative Advisors for Spain and Portugal, said 'We are delighted to commence this partnership with Accor and Hesperia. We have strong conviction in the hospitality market of a city like Valencia and are confident that our partners will be able to drive performance out of the highly attractive lifestyle product offering we are developing with them.'

Jordi Ferrer, CEO of Hesperia Group said 'This is a further step in our strategy to continue growing with projects under management, with first class assets and relevant brands.'