AXA IM Alts, a global leader in alternative investments, has acquired the five-star Hotel Sofia in Barcelona from Selenta Group, Brookfield’s Spanish hospitality platform.
The property was bought on behalf of its clients, in a joint venture with Spanish-based partner Blasson Property Investments, acting as operating partner. Upon acquisition, AXA IM Alts plans to enhance the hotel’s specifications, amenities and sustainability credentials. Hotel Sofia will then be operated by a leading global hospitality group, Hyatt International.
The 19-storey five-star Hotel Sofia, which dates back to 1974 but underwent a comprehensive renovation between 2016-2019, comprises 465 rooms. It also has two bars, a restaurant, café, rooftop restaurant and bar and terrace. There are also wellness facilities including a spa, gym and both an indoor and outdoor pool.
Upward trajectory
Esther Escapa, Head of Real Estate Transactions & Development Iberia, at AXA IM Alts, says, “With the delivery of new hotels in Barcelona constrained yet year-round demand for hospitality in the dynamic city continuing in an upward trajectory, this acquisition represents an opportunity to leverage AXA IM Alts’ market-leading asset management expertise to upgrade a high-quality asset and capitalise on favourable market demographics.”
Hotel Sofia is in the Les Corts area of Barcelona, in the heart of the city’s central business district. It is less than 10-minutes’ walk from two metro stations and 15 minutes from El Prat airport via public transport. Guest also have quick and direct access to Barcelona’s main office neighbourhoods and tourist attractions. This includes the Camp Nou and the Pedralbes Palace Gardens.
Despite growing visitor numbers in Barcelona, there is a limited supply pipeline of new hotel rooms due to development restrictions. Only 5% of the current stock is rated five-star.
AXA IM Alts has over €186 billion of assets under management. The acquisition brings the total hotel portfolio AXA IM Alts manages on behalf of clients to over 13,000 rooms across 60 hotels in 13 countries with a combined value of over €4 billion.
