Westmont Hospitality Group, company with strategic alliances with many of the world's largest hotel brands including Hilton, Marriott, IHG, Hyatt, Fairmont, Four Seasons, LHW and Choice Hotels based in Mississauga - Ontario - Canada and Grupo Lar, international company specialized in the investment and management of real estate assets worldwide with offices in Warsaw and Madrid have signed an alliance to develop and operate hotels in Spain.
The initial investments of €350 Million over a period of six years with a project focused on the "select service segment" and it will start with a first phase will have 12 hotels in Spain's main cities and approximately 2.500 rooms with an agreement seeking to combine the strengths in development, asset management, operational experience and market knowledge of both companies.
The plan is to carry out responsible and sustainable growth and will follow criteria of sustainability, social responsibility and ESG, corporate governance.
Westmont Hospitality Group that in Spain together with Angelo Gordon is a shareholder of Room Mate said that partnering with Grupo Lar represents a unique opportunity to boost the market for select service hotels in Spain. Together the companies aspire to create significant value by responding to the growing demand for high – quality select service properties across the country.
The CEO of Grupo Lar Miguel Ángel Peña commented that it is a pleasure to partner with Westmont Hospitality Group on this ambitious project. Their experience in the operational management of hotels and that of Grupo Lar in the real estate development capacity create an absolute synergy for this type of investment in a sector with great potential in Spain.
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