LaSalle Investment Management has acquired NH Collection Gran Hotel Calderon located on Ramblas Catalunya near Ramblas de Cataluna in the Ensanche district of Barcelona. The hotel has been purchased from NH Group SA on behalf of Encore+, LaSalle’s flagship pan-European fund. As the third most visited European city, with over 22 million overnight stays in 2019 Barcelona benefits from a historically strong tourism sector and the market enjoyed steady revenue-per-available-room growth over the last decade, reaching the highest average rate in the Spanish urban market in 2019. As the recovery in international travel steadily accelerates, the city is well-positioned to rebuild its leisure and business travel industry as travel recovers.
The 5-star NH Calderon hotel, in the heart of the city is positioned to benefit from this strong demand to come as it is well connected to all areas of the city within a few minutes’ walk of Plaza de Cataluña and only 150m from high-quality retail and Gaudi architecture of Paseo de Gracia. It is located within a 20-minute drive of the El Prat Barcelona Airport.
The acquisition highlights the Fund’s commitment to investing in good value opportunities with strong recovery opportunities in exciting urban locations. With a prime location in a global tourist city, the Gran Hotel Calderon acquisition further diversifies and strengthens the Fund’s geographic footprint.
David Ironside, Fund Manager of Encore+ at LaSalle said: “This was a rare opportunity to acquire one of the leading hotels in Barcelona, a city which has been of the strongest and fastest-growing hotel markets on the continent. As we diversify geographically and increase our exposure to the alternatives sector, this asset will contribute to the Fund performance.”
Francesco Coviello, Head of Transactions for Southern & Central Europe at LaSalle said: “We are pleased to be acquiring the NH Collection Gran Hotel Calderon in Barcelona as we continue to build out our European real estate presence. The combination of the hotel’s prime location, the city’s historically strong leisure sector and the pent-up demand for international travel all serve to highlight the potential this acquisition represents.”