Hispania has acquired an 80.5-percent stake in Bay Hotels & Leisure for €123m. Bay signed lease agreements for each hotel in the portfolio with Grupo Barceló.
The deal is the first phase of an agreement under which Bay has registered call-and-put option with Grupo Barceló regarding an optional portfolio of five more hotels and a shopping center, totaling €227.5m.
Execution of the second phase is expected to take place before the end of the year. The company owns 11 vacation hotels, located in the Canary Islands, Balearic Islands, Huelva and Almería. Hispania also owns a shopping center in Fuerteventura.
