Sales and purchases in the Spanish hospitality industry have been repeated periodically since the pandemic. The latest on the market was the Hotel Monegal in Barcelona, located between La Rambla and Plaça Catalunya, one of the city’s most popular tourist destinations. The starting price of this establishment is € 29.5 million.
The building, located at 62 Calle Pelayo, is owned by Catalan investors who put it on the market through various intermediaries.
The asset has 53 rooms, and the net profitability is 6% of the selling price. In addition, the building has over 800 sq. m. office space on the main and ground floors, which are currently empty.
There is a project to improve both the hotel and the office space available to the buyer, allowing the hotel rooms to be redistributed and upgraded with an already issued 5-star hotel license and a significant increase in its financial results.
With an investment of around € 4 million, this project will be able to upgrade the room stock and raise the average price per night, increasing the net return on investment by at least 10%.
Hotel Monegal is a seven-minute walk from Barcelona’s Gothic Cathedral and the Palais des Music, and La Pedrera and Gaudi’s Casa Batlló are less than 15 minutes walk away. There is a bus stop 200 meters from the hotel, across Plaça Catalunya, with a direct bus to and from the airport.