Meliá sells eight hotels to Bankinter for 203 million and NH the Gran Hotel Calderón to LaSalle for 125.5 million

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Jorge Aguilar

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Meliá and NH Hotels confirm the sale of hotels they had underway for 203 and 125 million euros, respectively. As reported by ABC, the large hotel chains are accelerating the sale of assets to clean up their accounts, badly damaged by the pandemic. Thus, Meliá closed the transfer of eight hotels to the company it created with Bankinter for 203 million euros, although the impact on the hotel’s cash will be 170 million. Meliá will have 7.5% of the company, which will be renamed Victoria Hotels & Resorts, SL, while 92.5% will be mostly owned by Bankinter and other investors, such as GMA. For its part, NH executed the sale of the ‘Gran Hotel Calderón’ in Barcelona for 125.5 million euros to the LaSalle fund.

In the case of Meliá, the Balearic company is part of the Gran Meliá Victoria (Mallorca), Meliá Tamarindos (Gran Canaria), Meliá Granada, Sol Beach House Menorca, Meliá Salinas (Lanzarote), Innside Bosque (Mallorca), Meliá Atlanterra (Cádiz ) and Innside Zaragoza, which have a total of 1,801 rooms. The Balearic hotel group will maintain the management of the hotels and a future repurchase option for the buildings at market price is kept. The operation generates Meliá capital gains of 62 million of euros.

According to the hotel chain, all hotels, except Innside Bosque and Innside Zaragoza, will undertake major renovations after the operation in order to increase their value. For these financing needs, Bankinter Investment, Bankinter’s investment banking area, is coordinating the financing structure to undertake the aforementioned reforms in hotel establishments with an investment of more than 125 million euros. In this way, Meliá closes an operation that it sought to complete as soon as the results for 2020 were known and that allows it to reduce debt and gain more liquidity.

In the case of NH, the chain also closed the sale of the NH ‘Gran Hotel Calderón’ to the LaSalle fund for 125.5 million euros, and achieved a capital gain of 46.7 million euros. As this newspaper reported, the hotel chain will continue to manage the hotel for the next twenty years on a rental basis. NH still intends to undertake a sale this year, up to € 200 million, which, as confirmed at today’s general meeting of shareholders, is intended to be a property outside of Spain.

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