Hotel Arts in Barcelona sold for EUR417 mil
The largest ever single asset real estate deal in Spain
BARCELONA, Spain, July 24, 2006. The largest single asset real estate deal in Spain's history completed today when the Hotel Arts in Barcelona was sold for approximately EUR417 million. The five star hotel was bought by Host Hotels & Resorts' joint venture in the Netherlands with Stichting Pensioenfonds ABP, the Dutch pension fund and Jasmine Hotels Pte Ltd, an affiliate of GIC Real Estate Pte Ltd, the real estate investment company of the Government of Singapore Investment Corporation Pte Ltd. The hotel was sold by a consortium of owners lead by Javier Faus which included Deutsche Bank and a number of high net worth individuals. Jones Lang LaSalle Hotels advised the buyer.
Jordi Frigola, Head of Jones Lang LaSalle Hotels in Spain said: 'This landmark deal for Spain demonstrates how buoyant the hotel investment market is in Spain at the moment. The Hotel Arts is a fantastic asset boasting 483 rooms, a swimming pool, a health spa, fitness centre and four restaurants. This award-winning luxury hotel will continue to be managed by Ritz Carlton.'
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