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Hispania to buy 24% stake in Bay Hotels & Leisure

Hispania Activos Inmobiliarios signed an agreement with Barceló Group to buy its 24% interest in Bay Hotels & Leisure SOCIMI for a total transaction cost of €172.4 million.

Hispania will also terminate the shareholders agreement related to Bay Hotels and amend specific terms of the investment agreement between the parties.

The price for the share purchase, including the liquidation of the incentive fee in the shareholder's agreement, totals €155 million, and Hispania will pay roughly €11 million to Barceló Group, representing Bay Hotels' expected dividend for the current year, as well as specific disbursements from the termination of the shareholders agreement and the amendment to the investment agreement.

In addition, Hispania has purchased the Hotel Barceló Guadalmina from Barceló Group for €19 million. The four-star hotel comprises 206 keys and is situated in Guadalmina Alta in Spain.