Spain: Meliá Hotels International has sold a 92.5 per cent share in eight properties to Bankinter, with GMA Corp acting as managing partner of a newly formed brand Victoria Hotels & Resorts.
The eight hotels are set to undergo full renovations and upscale repositioning following an investment of €125 million. Once complete, the portfolio will be renamed Victoria Hotels & Resorts.
Gran Meliá Victoria, Meliá Tamarindos, Meliá Granada, Sol Beach House, Meliá Salinas, Innside Bosque, Meliá Atlanterra, and Innside Zaragoza are the hotels included in the transaction.
Meliá will retain a 7.5 per cent hold in the assets and will operate the hotels under HMA through a management agreement. GMA will provide asset and property management.
Víctor Martí, founder and CEO of GMA, said: “It is a great honour for the team of GMA Corp to be part of one of the most significant European hotel transactions of 2021. This transaction strengthens even more the relationship between Meliá International, Bankinter and GMA Corp. In a post-corona world, we will work together as a team to contribute to the recovery of the hospitality industry, making it more sustainable and more resilient.”
Further information about the deal can be found here.
GMA currently manages over €1 billion in assets. The company intends to work with different partners to pursue additional hotel investments in Europe.
Bankinter and its Investment Banking division has more than €5000 million of assets under management, including project financing.
Meliá Hotels International has over 380 hotels open or in the pipeline across 40 countries and under multiple brands. The company will open a hotel in Chiang Mai later this year.