Stoneweg Hospitality, a real estate investment firm based in Geneva, Switzerland, has acquired two hotels in Spain from Globalia Business Corporation, operating under the brand umbrella of Be Live Hotels, for a total of 83 million euros ($91.6 million).
Using the firm’s discretionary funds, the deal has grown Stoneweg’s hotel portfolio from 1,281 to 1,691 rooms, an increase of approximately 25%, according to a news release.
Of those almost 1,700 keys in seven hotel properties, more than 60% are in Spain’s two most popular vacation island destinations, the Balearic Islands and Canary Islands.
The two latest additions are the 226-room La Niña in Tenerife, Canary Islands, and 184-room Palace de Muro in Mallorca, Balearic Islands.
Stoneweg said after the 2023 vacation season is over, it will undertake an extensive capital expenditure overhaul of the two assets.
Following another CapEx program, the firm reopened the 385-room Hard Rock Hotel Marbella in the Spanish province of Andalucia in March.
Stoneweg’s managing director Miguel Casas said this latest deal is a rare opportunity to enter the two island markets.
“While already offering strong fundamentals in their own right, in line with our existing strategy, our highly experienced team will upgrade and reposition the assets in order to generate additional returns through the creation of differentiated products from a concept and branding perspective,” he said.
Casas said the firm is bullish on Spain, which the company said in the news release “this year it is predicted that the country will welcome a record 85 million foreign visitors, surpassing the previous highest of 83 million set in 2019. This is an increase of 17% on 2022 when 71 million foreign travelers visited Spain.”