The Spanish fund manager Blasson Property Investments, in alliance with the insurance group Axa, have closed the acquisition of the emblematic Hotel Sofia in Barcelona, a five-star establishment with 465 rooms that was previously the star asset of the hotel group by Joan Gaspart. The operation, which was in the process of technical review since the end of last year, is valued at 180 million euros, as confirmed by the Cuatrecasas law firm, which has advised the buyers. The purchase, which was closed on the 31st, has been carried out through a joint company, in which Axa will have the majority, according to sources familiar with the operation.
Until now, the Sofia hotel was owned by the Canadian fund Brookfield, which incorporated it with the acquisition of the Selenta chain from businessman Jordi Mestre in 2021, for 440 million euros. Until now the establishment was managed by Selenta, which also had a franchise agreement with the United States group Hyatt, which ran it under the Unbound Collection brand. The hotel is currently undergoing renovations, and plans to reopen in 2024. The expected investment in this process is estimated at between 6 and 10 million euros.
However, the manager Blasson Property has not only bought the property, but has signed a management contract under which it will provide coordination and supervision services for the hotel manager to maximize the value of the asset.
Blasson's aim is to reposition the hotel in a higher range and take advantage of the building's refurbishment and the luxury hotel boom, as the five stars are being penalized by reduced business travel after the pandemic
Sources in the sector explained that one of the axes of Blasson's strategy will be to renegotiate the Sofia hotel category with Hyatt. Likewise, the group has started contacts with international brands interested in promoting the gastronomic offer of the hotel's restaurants and taking over the roof terrace.
Their operations are accompanied by Latin American and United States investors, or in the case of the Sofia hotel, the Axa insurance company.
In 2021, Blasson Property made its first operation investing 180 million to buy the Punta Negra hotel in Calvià, managed by the H10 chain. Half of this amount was allocated to refurbish the property in order to be able to reopen it in 2024, when it will be managed by the super-luxury brand Mandarin Oriental. The manager also owns the 5-star hotel Kimpton Aysla Mallorca, managed by InterContinental Hotel Group (IHG) under the luxury brand Kimton Hotels
