Sixth Street enters the Spanish market

Sixth Street enters the Spanish market

Sixth Street Investment Fund, which manages more than USD 60,000,000, and the French hotel chain Pierre & Vacances have signed an agreement to create a joint hotel venture. In this regard, Sixth Street company has completed the acquisition of five resorts located in the cities:

  • Benidorm (Alicante)
  • Roquetas (Almeria)
  • Lloret de Mar (Girona)
  • Salou (Tarragona).

In total, the fund will allocate EUR 85,000,000 for the purchase of real estate. This news marks the entry of Sixth Street into the Spanish market.

The hotels «Benidorm Horizon» and «Benidorm Beach», as well as «Salou Sunset», «Roquetas El Palmeral» and «Lloret Santa Rosa» were purchased. Together it makes up 1,039 real estate units.

Two hotels in Benidorm belonged to Playa y Cielo, CEO of Groupe Santamaria. Thus, the group reduces its portfolio to two assets «Grand Hotel Luxor» and «Grand Hotel Villages».

The assets in Salou «Oh!Tels Playa de Oro» and in Roquetas del Mar «Oh!Tell Roquetas» belonged to Intergest. Thus, Tarragona network reduces its portfolio in Almeria to three facilities (563 units) and six in Tarragona (1,727 units). In total, after the transfer of these assets, Oh!Tels now has a portfolio of 14 places, according to Alimarket Hotel.

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