Hispania Activos Inmobiliarios struck a deal with private-equity firm Alchemy to acquire a seven-property Spanish hotel portfolio of the Alua Hotels & Resorts chain for €165 million.
The portfolio comprises more than 1,700 keys across the Balearic Islands and Canary Islands. The properties in the portfolio include AluaSoul Palma, AluaSoul Mallorca Resort, AluaSoul Alcudia Bay, AluaSoul Ibiza, AluaSun Torrenova, Hotel Ambar Beach and Hotel Parque San Antonio.
Under the terms of the deal, set to close by the end of February 2018, Alua Hotels will continue to serve as hotel operator.
Hispania said in a release that it expects to invest approximately €20 million in refurbishing four of the assets in the portfolio.