Barcelona We just bought a hotel there
We have just closed the acquisition of a hotel in Barcelona after 18 months of work on it. It is the last hotel that still got a building permit in barcelona after the hotel development had been imposed. It s located in the very heart of the busy area around Playa d’espana just behind the plaza in fact in a quiet street that has been pedestrianised. its run by Ona Hotels a mid sized spanish hotel group under a long term hybrid lease. A very good deal we are very happy with especially since the Barcelona hotel market has been going from strength to strength. Lets see how the hotel performs but forecast are well above initial expectations. So it should be a winner for my second hotel fund which has roughly 500 mio euros to invest. Tough market but clearly this is a market one can still invest in. We will report more about this once we have a few months of operations.