Real estate asset management specialist Mazabi has acquired the four-star Aragon Hills & Spa Hotel, in Formigal, Spain.
The 10,339 square-meter hotel, in the Formigal-Panticosa ski resort area, has 157 rooms. It receives more than 83,000 visits a year. The sale was advised by Savills Spain.
Aragon Hills & Spa Hotel has several restaurants, a terrace, meeting room, parking spaces and a spa with an indoor pool. It is close to shopping and leisure areas.
The hotel hopes to benefit from plans to regenerate the four ski resorts in the valleys of Tena and Aragón, Canfranc, Candanchú, Astún and Formigal- Panticose.
Juan Antonio Gutiérrez Hernando, Chief Executive of Mazabi, says, “This operation fits into the company’s strategic plan to continue investing in tourism assets, both urban and holiday (sea and mountain).”
Javier Oroz, Hotels Director for Savills Spain, says, “There is a great opportunity for profitability and repositioning in mountain destinations, thanks to the good performance of the demand for leisure and the scarcity of a quality offer. Aragón Hills is the benchmark hotel in Formigal, a destination with a very positive operational growth trend.”
Mazabi now owns 19 hotels. Several hotels that have already fulfilled their business plan are set to also be sold, according to its strategic plan.
