German investment manager Union Investment has acquired a hotel in Barcelona, Spain, which opened in November 2018 under the Barcelona 1882 brand and will be converted to a Radisson Blu as part of the acquisition process.
Financial details were not disclosed.
The deal for the hotel, located close to the basilica of the Sagrada Familia, was struck on behalf of open-ended real estate fund Unilmmo: Europa. The vendor is Partners Group, a global private markets firm, acting on behalf of its clients.
'Barcelona has always been one of Europe’s most attractive hotel markets with high barriers to entry for investors. This transaction sees Union Investment bringing the Radisson Blu hotel brand to Barcelona, once again demonstrating its expertise in proactive deal structuring in the hotel sector,' said Andreas Löcher, head of investment management hospitality at Union Investment.
'In this complex share deal transaction, operation of the hotel and the associated employees had to be carved out of the target company and transferred to Radisson Hotel Group separately,' said Christoph Eichbaum, senior investment manager hospitality at Union Investment, who headed the deal.
Source: propertyru.info on the 7th of February
(https://propertyeu.info/Nieuws/Union-Investment-brings-Radisson-Blu-hotel-brand-to-Barcelona/1c279626-03ba-4b54-be32-0740529df1fa)