Atom Hoteles Socimi, the hotel real estate investment company founded by Bankinter Investment and GMA, has sold the EXE Coruña hotel to a private Spanish investor, in a transaction that marks the good health of the hotel investment market. The transaction, valued at €17.2 million, is the second divestment by the Socimi this year, which sold the Hotel Labranda Costa Mogán in May. The hotel is located in the “Cuatro Caminos” commercial complex in the city of La Coruña, and with its 4 stars includes breakfast buffet, cafeteria, and three rooms for events.
The managers of the vehicle, GMA Corporate, have stated in a press release that “this transaction allows us to continue with our plan to rotate non-strategic assets” with the intention of continuing to create value for our shareholders, taking advantage of the current investment market and betting on the repositioning of the most important assets in the portfolio”.
GMA Corporate, manager of the investment vehicle, has shared its intention to “continue to focus on the diversification and quality of the portfolio”, through strategic investments such as the one undertaken in Barcelona with the joint purchase of the Hotel Miramar Barcelona 5*GL and the Gran Hotel La Florida, and to “reposition assets”, both “at an aesthetic, brand and operator level, as is the case of the renovated Ilunion Barcelona Les Corts or Meliá Sevilla, which has just undertaken a second phase of investment, always following sustainability criteria”.
In this sense, the Hotel Exe Coruña was refurbished by Atom in 2020, taking advantage of the closure caused in tourist establishments by the effects of the Covid-19 pandemic. “The refurbishment,” concluded GMA Corporate, ”made it possible to modernize the hotel and promote the local economy at a time when an uncertain horizon continued to weigh on tourism. Both the refurbishment and this operation are a sign of the industry’s commitment to sustainable growth that generates wealth in the destinations in which it operates beyond overnight stays”.
