Hotel Arts sold for 417 million euros

The five-star Hotel Arts in Barcelona has been sold for €417m (£285m) in the largest ever single asset real estate deal in Spain.

The award-winning 483-bedroom hotel – which has four restaurants, a health spa and a fitness centre - was sold by a consortium of owners that included Deutsche Bank and a number of wealthy individuals.

Buyer Host Hotels & Resorts – in concert with Dutch pension fund Pensioenfonds ABP - teamed up with Jasmine Hotels, which is owned by the Government of Singapore Investment Corporation, for the deal.

Jordi Frigola, head of Jones Lang LaSalle Hotels, which advised the buyers, said: “This landmark deal demonstrates how buoyant the hotel investment market is in Spain at the moment.��?

The hotel will continue to be managed by Ritz-Carlton, a Marriott subsidiary. Source.