X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BARCELONA-The Netherlands joint venture of Host Hotels & Resorts has bought the Hotel Arts Barcelona for about euro 420.35 million ($529.4 million), including the assumption of about euro 282.35 million ($355.5 million) of debt.

Host Hotels and partners Dutch pension fund Stichting Pensioenfonds ABP and Jasmine Hotels Pte Ltd., an affiliate of real estate investment company GIC Real Estate Pte Ltd., bought the Ritz-Carlton hotel. The hotel, which is located on the shores of the Mediterranean Sea in Barcelona, contains 483 luxury guestrooms, including 28 luxury duplex apartments. The property, which recently underwent a comprehensive guestroom renovation that was completed in June 2006, also features 24,000 sf of meeting space including the largest ballroom in Barcelona, five high-quality restaurants and a full-service spa with eight treatment rooms. The transaction also includes the purchase of an approximately 80,000-sf casino that is leased to a third-party operator.

“We are very pleased to be acquiring the Hotel Arts, one of the finest and most unique hotels in Europe at what we believe will be very attractive yields to the joint venture,” Christopher J. Nassetta, president and chief executive officer, says.

The purchase price for the property is approximately euro 420.35 million ($529.4 million) plus the assumption of about euro 282.35 million ($355.5 million) of debt with an interest rate under 5%. The hotel’s EBITDA for the first 12 months of ownership is forecast to be approximately euro 32 million ($40.29 million). The purchase is subject to customary closing conditions and is expected to close in August.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.