The deal is Europe's biggest single-asset hotel sale of theyear, and the second-biggest of all time. It is also Spain'slargest-ever single-asset real estate deal in any sector. JonesLang LaSalle advised the vendor, a Dutch-based holding company.

The Hotel Arts complex includes a 455-room grand deluxe hotel,28 apartments, 140,000 sf of retail space including a casino,133,000 sf of office space, a vacant plot zoned for office or hoteluses and an underground car park. The 44-storey hotel, managed byRitz Carlton, is located in the Port Olympic with views over theMediterranean Sea.

According to Nick Marsh, Executive Vice President of Jones LangLaSalle Hotels, Europe, the deal underlines the resilience of theEuropean hotels market since 11 September. He said there had beenat least half a dozen major hotel deals concluded since then. 'Thisdemonstrates investor faith in the European hotel sector. Despitedeclining occupancy and room rates in many operating markets,investors believe in the long-term fundamentals of the industry,'said Marsh.