The American investor group Starwood Capital has joined forces with HI Partners, a subsidiary of Banco Sabadell, to invest €500m in hotel acquisitions in Spain over the next few years. The newly created joint venture will specialize in the acquisition of hotel assets in the country’s main tourist areas, including the Balearic Islands, Costa Brava, Costa Dorada and the Canary Islands. The company expects to purchasing the assets from individual investors, as well as hotel chains interested in divesting their properties. Starwood Capital Group will control 70 percent of the joint venture, while HI Partners will steer the remaining 30 percent of the shares and will take care of the management of the company.
