By Chris King • 24 June 2022 • 3:16
Image of the Hotel Vincci Seleccion Posada del Patio in Malaga.
Credit: Google maps - Anderson England
As reported this Thursday, June 23, the investment group Invesco Real Estate, belonging to Invesco, has bought the Vincci Selección Posada del Patio hotel in Malaga. The purchase is part of the acquisition of three hotels, according to malagahoy.es.
Specifically, they are the Holiday Inn Express in The Hague in the Netherlands, and the Hotel Occidental 1929 Barcelona, as well as the Malaga facility. The amount of the purchase has not been released, although it is believed that the three hotels are valued at around €100 million.
The Vincci Posada del Patio was the first five-star hotel to open in Malaga and is now part of the small group of establishments in this category in the city. It was recently joined by the Miramar, the Only You, and the Soho Boutique Castillo de Santa Catalina.
“The acquisitions in Spain represent an opportunity to acquire prime, centrally located assets in two of the country’s most dynamic markets. Invesco believes that the limited new supply in Barcelona should allow for a quicker market recovery compared to other locations”, explained a spokesperson for the investment group.
They added; “In Malaga, demand has consistently exceeded supply since 2014, and the city was at the forefront of the recovery of tourism in Spain in 2021”.
David Kellett, CEO of Hotel Operations at Invesco, said: “We have seen a strong recovery in travel in Europe post-Covid and we believe this momentum will continue into 2022 and beyond, so we look forward to seeing compelling new buying opportunities”.
“These latest acquisitions in the Netherlands and Spain represent the best of European hotels and we are fully confident in making new investments with the aim of continuing to create value. Our intent is to create investments that can provide above-market, long-term compound growth for the benefit of our investors”, added Chris Brassington, Senior Fund Management Advisor at Invesco.
According to the company, Invesco Real Estate is a world leader in real estate investment management, with $92,000 million in managed real estate assets, comprising 582 employees, and 21 regional offices in the United States, Europe, and Asia.
In the specific case of Europe, it has eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg, and Warsaw, with 173 employees, and manages 178 assets in 14 European countries for a value of $15,000 million.
“Invesco Real Estate actively invests across the full spectrum of risk and return, in conventional, debt, value-added, and opportunistic direct real estate strategies, as well as listed real estate securities since 1992” they explained.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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