ASG has checked Hampton by Hilton into a new 242-room hotel that it will build in Barcelona. It is the third investment to date in Spain’s dynamic hotel sector by ASG funds. Hampton by Hilton Barcelona Fira Gran Via will operate under a franchise agreement with Borealis Hotel Group, which has signed a long lease to operate the new hotel. ASG will build the property opposite the Fira de Barcelona conference centre in the Plaza Europa business district. Construction work has started and ASG is scheduled to deliver the new hotel in the first quarter of 2021. The entire project is projected to cost in the region of €40m.
Saul Goldstein, ASG’s Founder and Managing Partner, said: “Helping strong operating brands establish a footprint in the highly attractive Spanish market is a feature of our hotels strategy. It builds on the successes of our local team in unearthing opportunities in top locations in Spain with a shortage of hotel rooms. We have a good pipeline of projects and expect to make fresh announcements in the coming months as our hotel strategy gains momentum.”
Brian Betel, Managing Partner of ASG Iberia, said: “Signing Borealis under the Hampton by Hilton brand is a key milestone for this project. We saw the potential this location would serve for the international conference and exhibitions market because of its location opposite Barcelona’s top conference venue, surrounded by large corporate neighbours and its excellent transport connections - to the airport and the rest of the city.”
