Meliá Hotels International, a Spanish hotel chain founded in 1956 and based in Palma de Mallorca created a new joint venture with Banca March S.A., an investment bank and financial services company headquartered in Palma de Mallorca and Madrid for the purchase of two hotels in Mallorca and Tenerife totalling 784 rooms.
This new agreement relating to the ownership and management of hotel assets contemplates the acquisition for more than €140 million of the stakes hitherto held by other partners of the hotel company.
In 2023, Meliá Hotels International and Banca March S.A. had signed another joint venture for the acquisition of assets in Ibiza and Fuerteventura.
The Sol Tenerife and Innside Palma Bosque hotels become part of the new company, which is 70% owned by Banca March and 30% by Meliá Hotels International.
The transaction includes commitments to reposition the assets for around €50 million and both hotels will continue to be operated by Meliá Hotels International.
The Sol Tenerife hotel - The property is located on the beachfront of Playa de las Americas featuring 522 rooms and a wide variety of activities and experiences in its more than 10.000 square metres of gardens and common areas. The hotel will undergo a comprehensive renovation and repositioning planned for 2026 - 2027 that will culminate in the rebranding managed by Meliá Hotels International,
The Innside Palma Bosque hotel - The establishment is located between the second line of Palma's Paseo Maritimo and the iconic Bellver Forest. The hotel provides 262 rooms and a consolidate gastronomic offer. The property will undergo renovations in the winter of 2025 - 2026, as part of a repositioning plan to ensure that the hotel continues to be a reference in the city.
The chairman and CEO of Meliá Hotels International, Gabriel Escarrer said that the new alliance signed with Banca March is part of the group's strategy of collaboration with partners of the highest prestige and solvency for the ownership and repositioning of assets.
This constitutes the confirmation of a shared success, based on the common trajectory and the value both companies share and this new joint venture will be very positive for both parties and for the stakeholders to which both companies respond.
CEO of Banca March, José Luis Acea, said that this new joint venture represents another milestone in the company Co - investment strategy, strengthening links with a world - leading entity such as Meliá Hotels International and continues to consolidate the position of Banca March as a benchmark entity for companies in a field, the tourism - hotel sector, with which we have had a close relationship for decades as specialised advisors.
The intrinsic value of the assets of this new agreement, as well as the fact of having the confidence of the brand and the excellent hotel operation by Meliá Hotels International ,represent for Banca March customers, whom we will invite to participate in the project, a guarantee of value creation in sector that continues to demonstrate its capacity for growth and innovation.
Banca March has executed this project through its team specialising in Co - investment with the support of the bank's Hotels and Tourism Unit.
This initiative is in addition to Banca March's Co - investment proposals, which allow customers to invest in the same products as the bank, giving them the opportunity to invest in strategies that would otherwise only be available to large investors.
Link - https://www.hosteltur.com/170132_melia-y-banca-march-compran-dos-hoteles-en-mallorca-y-tenerife.html
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