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C&W advises the sale of three hotel complexes

Jenny Pizarro • 01/03/2022

Through a transaction advised on by Cushman & Wakefield, the Mutualidad General de la Abogacía today confirmed the sale of three hotels under its ownership located in the holiday destinations of Vera Playa, Almuñécar and Torremolinos.

The buyer, Plusell Blis S.L, is an investor specialising in the hotel field, and the deal has been struck at a total price of €62.5 million.

In the opinion of Albert Grau, Partner and Co-head at Cushman & Wakefield Hospitality, “this investment confirms the interest in Spain’s hotel sector, extending to holiday destinations spread throughout the mainland coast rather than just destinations thought of as prime. The holiday segment remains attractive owing to forecasts that indicate a speedy recovery following the pandemic, possibly enabling the closure of more deals throughout 2022”.

This deal confirms the data in Cushman & Wakefield’s Investor Beat report published at the close of 2021, with 70% of the investors surveyed stating that hotel assets located in Spanish holiday destinations had become more attractive in spite of the pandemic. In the same report, investors considered that the recovery of the hotel sector would progress step-by-step, reaching leisure destinations first. Some 85% of the respondents believe that the holiday segment will have fully recouped 2019’s performance by 2023.

Through its Hospitality division in Spain, Cushman & Wakefield has advised and accompanied the Mutualidad General de la Abogacía throughout this deal involving the divestment of its hotel assets. Cushman & Wakefield announced the launch of its new hotel consultancy division for the Spanish market at the beginning of 2019, led by the Partners and Co-heads of the firm, Albert Grau and Bruno Hallé.

The Mutualidad General de la Abogacía has a portfolio totalling 44 properties, with a total floor area of 223,221 sq m and a market value exceeding €763 million. It additionally participates as a shareholder in the Socimi Inbest Prime IV Inmuebles and in Almagro Capital, forming part of the board of directors of both institutions, as well as in the real estate investment funds Meridia IV and Ardian Real Estate European Fund II and the real estate firm Value Plus Properties S.A., where it possesses the majority shareholding.

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MEDIA CONTACT

Jenny Pizarro
Jenny Pizarro

Partner, Head of Business Development • Barcelona

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