MADRID – Resulting from its latest capital increase coordinated by Bankinter Investment last November with a 100% subscription right, the Spanish REIT ATOM Hotels, has confirmed the acquisition of the Senator Cadiz Spa Hotel 4* located in Cadiz for 15 million euros.
This sale and lease-back operation enables the former owner Senator Hotels & Resorts to sell its property whilst remaining operator and tenant of the hotel. The establishment is located in a singular building, a “casa-palacio”, in the historic centre of the city. The hotel operator will undertake a refurbishment project in line with its strategy planning.
Resulting from this acquisition, ATOM Hotels reinforces the positioning of its portfolio in urban assets, with 11 urban hotels and 12 resorts. With this operation, ATOM keeps on diversifying its operators selection in its portfolio of assets, always opening up new opportunities for future collaborations.
Having operated its 91 rooms, the Hotel Senator Cadiz Spa Hotel, has shown positive results since its inauguration, both in occupancy and price, resulting in favourable lease negotiations for both parties. The lease agreed upon entails an initial duration of 10 years of ensured performance, followed by potential extensions for the tenant, reaching a maximum duration of 20 years.
ATOM Hotels is an alternative investment vehicle specialized in the hotel sector, which was created by Bankinter in January 2018 alongside the real estate asset manager GMA HCI. Following two capital increases, the REIT has attracted over 700 shareholders to this day. The fund focuses on four and five-star hotels, urban properties and resorts, in prime locations, all leased to first-tier national operators and independent internationals hoteliers. Following this latest acquisition, the ATOM Hotels portfolio is comprised of 23 assets, 5,600 rooms, resulting in a portfolio value of 550 euros.
As an independent real estate asset manager, GMA HCI manages real estate assets (focusing on the hotel sector), with more than 20 years of experience in the Spanish and international market. In recent years, GMA HCI professionals have participated in hotel transactions worth over 1 billion euros and as consultants in over 5 billion euros. Its parent company is GMA Capital, is partner to ATOM Hoteles Socimi, S.A. with whom Bankinter launched the fund almost two years ago.
Senator Hotels & Resorts, was founded by Jose Maria Rossell Recasens almost 53 years ago and operates in more than 10 Spanish cities and in the Caribbeans (Dominican Republic and Cancun). Forerunner of major milestones such as being one of the first hotelier to spot and retain the first wave of German guests arrivals to the province of Almeria, Jose Maria Rossell has always opted for a policy of continuous improvement in terms of guest satisfaction. As a result, his hotels Benefit from a high returning customer ratio, which continues increasing to this day. Senator Hotels & Resorts has operated 35 hotels in Spain (6,742 rooms), 2 hotels in the Dominican Republic (1,565 rooms), and a hotel in Mexico (1,043 rooms). Its yearly results reached 139,053,000 Euros in 2018.
