Swiss Life buys Spanish hotel portfolio from local REIT

Swiss Life Asset Managers has acquired a portfolio of four hotels located in the Balearic Islands and Catalonia from local REIT, Elaia Investment.

The deal, which was brokered by Catella and CBRE, includes two hotels in Mallorca (Icon Valparaíso, Vistamar), a hotel in Girona (Monterrey) and an apartment complex in Menorca (Eden Binibeca). All assets are located on the beachfront and have long-term lease agreements with top-level operators such as Pierre & Vacances (which manages three of the assets) and HotelAtelier (which manages the Hotel Valparaíso under its Teach Icon).

Financial details were not disclosed. However, local press reports put the deal price at €50 mln.

Elaia is a Spanish REIT largely owned by the French Batipart group.

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