The manager Meridia Capital has purchased the Gallery Hotel in Barcelona from the Gómez Casals family, with an investment of more than 50 million euros. The management company led by Javier Faus has prevailed in a sales process in which other groups such as Pontegadea - the investment company of Zara's owner, Amancio Ortega - and Millenium were also bidding.
Meridia has acquired this hotel and the Hotel Molina Lario, in Malaga, owned by the same family, which will be the first assets of its new real estate fund, Meridia V, in which it hopes to raise 400 million euros.
The Gallery, built in 1991, is a four-star hotel that has 110 rooms and is located in the heart of Barcelona's Eixample, between Rambla Catalunya and Paseo de Gracia. With great activity as a meeting and convention center, it also has a luxury restaurant, outdoor pool, gym and sauna. The Malaga hotel, for its part, is also 4 stars and has 200 rooms.
Meridia has acquired the properties and also the company that operates the two hotels, which have 180 workers. According to Héctor Serrat, partner in the real estate area at Meridia, the group's intention is to continue managing the hotels, as it now also manages a luxury camping business, which it calls the “Meridia Glamping Program”, through WeCamp, a company in which participates.
According to Serrat, “the Gallery is a good hotel, in good condition, and we plan to invest in improving its image and improving its attractiveness for luxury tourism. We like the two hotels because of the potential that the two cities, both Barcelona and Malaga, have to continue growing in tourist attraction and prices.” The manager already acquired the Hesperia del Mar Hotel in 2020, also in Barcelona.
The Gallery Hotel and the Molina Lario are the first two investments that Meridia V has made, the new real estate fund that the manager has launched. Cristina Badenes, partner of the firm, explains that the fund has already completed a first closing, and hopes to reach its target size next year. Real estate sources estimate that it could reach 400 million euros, surpassing the manager's previous funds, which raised between 150 and 250 million euros.
Badenes recognized that the financial environment, with the rise in interest rates and the falls in real estate companies on the stock market, makes it difficult to raise funds. “After the summer we see investors better disposed, and we believe that the situation will improve in the coming months. In addition, there are now many investment opportunities and with the new Meridia vehicle you will be able to take advantage of them.”
