Hispania has signed an agreement for the acquisition of 24% stake in Bay Hotels & Leisure SOCIMI, S.A.; known as BAY from Barceló Group. The price agreed for the acquisition of the shares including the liquidation of the incentive fee included in the Shareholder’s Agreement amounts to €155m.
Hispania also will pay Barceló Group an amount equal to the expected dividend for 2017, totalling c. €11m, as well as certain compensatory and/or settlement payments derived from the termination of the Shareholders Agreement and from the amendment to the Investment Agreement. All items contemplated amount to a total transaction cost of €172.4m.
Additionally, Hispania has acquired the Hotel Barceló Guadalmina for €19m. The 4-star hotel is located in Guadalmina Alta (San Pedro de Alcantara) and was built in 2004 with a total of 206 keys. With this hotel, Hispania consolidates its position in Marbella, where it already owns the Hotel Guadalmina with 178 keys.
Barceló Group will remain as Hispania’s strategic partner, operating through different brands of the Group.
“Hispania has demonstrated its execution and value creation capacity, committing all of its investment capacity and creating the largest vacation hotel portfolio in Spain,” said Concha Osácar, Board Member of Hispania.