Hard Rock International Partners With ASG for €200 Million New Hotel in Barcelona

USA, Davie, Florida. June 17, 2019

Hard Rock International continues growing its European hotel portfolio, announcing the development of Hard Rock Hotel Barcelona. The brand is set to bring its signature musical flair to the shores of Barcelona in a €200 million new hotel to be developed on the last available seaside plot in metropolitan Barcelona. Construction of the 504-room hotel will begin in late 2019, set to open on the shores of Barcelona in early 2022.

"This is set to be another ambitious project for Hard Rock International, alongside ASG," comments Todd Hricko, senior vice president and head of global hotel development at Hard Rock International. "Hard Rock Hotel Barcelona will bring the brand's dynamic and vibrant hospitality to Barcelona's Mediterranean Coast, injecting energy and world-class entertainment into the city's hotel scene."

The project is owned by ASG's fifth real estate fund and will be operated by Hard Rock Hotels. It is the fourth project in ASG's Spanish hotel development strategy following the dramatic surge in visitor growth in Spain.

Saul Goldstein, ASG's founder and managing partner, said: "Our agreement with Hard Rock International is an important milestone for this signature investment. It's our second collaboration with HRI's renowned hospitality brand following the announcement on the opening of Hard Rock Hotel Madrid. The Barcelona project amps up our hotels development strategy in Spain, which targets opportunities in major visitor destinations with a shortage of rooms."

Hard Rock Hotel Barcelona will offer a stunning rooftop terrace and bar with swimming pool, two Speciality Restaurants, Lobby Bar with Grab and Go and Music Bar. Guest rooms will have luxurious private balconies overlooking the Mediterranean Sea.

Hard Rock will bring a selection of its signature amenities to Barcelona, including a Body Rock® Fitness Centre and a Rock Spa® to keep the mind and body healthy, the Sound of Your Stay in-room music program, a Rock Shop® and a Hard Rock Roxity Kids' Club™, providing entertainment for younger guests. The hotel's seven meeting rooms and ballroom will cover 21,530 square feet of meeting and conference space to accommodate a variety of events and occasions.

Adjacent to the Fòrum beach and Marina in Sant Adrià del Besòs, with direct subway and tram access to Barcelona city centre, Hard Rock Hotel Barcelona will be near Parc del Fòrum and Parc de la Pau, a regular host of spectacular music events and festivals, some of which Hard Rock has previously organised.

Barcelona's incredible climate, cultural heritage and easily accessible transport links have made this city one of the most visited in Europe. Filled with incredible entertainment and activities, the city is the perfect fit for Hard Rock's next European venture.

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Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.