CBRE HOTELS ADVISED ON SALE OF PULLMAN BARCELONA SKIPPER
CBRE Hotels has advised AXA Investment Managers - Real Assets, acting on behalf of its clients, on the sale of the Pullman Barcelona Skipper Hotel, to a Luxembourg based Investment Fund.
The five-star hotel is located in Barcelona’s iconic Olympic marina surrounded by the beach, gardens, fashionable seafront restaurants and nightclubs. The hotel comprises of 241 contemporary rooms, four food and beverage facilities, and a Spa and Fitness centre. The property is also in close proximity to the main MICE (meetings, incentives, conferences, exhibitions) venues, making the hotel an attractive destination for international leisure and corporate MICE travellers.
The hotel will continue to operate under the Pullman brand with a long-term management agreement with Accor Hotels & Resorts.
This transaction demonstrates the appetite international investors have for hotel investments in Barcelona. Despite the current hotel moratorium, Barcelona is still the most desirable hotel city market in Spain due to its strong international demand and its consistent and robust year on year RevPAR growth
Hotel investment transaction volumes in Spain were up 95% year-on-year in 2015. Market-wide RevPAR in Barcelona has increased by 8% year-on-year in the year to May 2016, driven by strong occupancy levels and growth in average daily rate. As a result, gross operating profit has experienced doubt digit growth over the same time period.