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El Corte Inglés and Palladium Finalising Sale of Five Ayre Hotels

The Ayre hotels will pass into the hands of the private equity firm Eurazeo or the hotel manager Westmont Hospitality Group.

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The Ayre hotel chain is closer to changing owners. Its current owners, El Corte Inglés and Palladium, are finalising the sale of five hotels. According to El Confidencial, the transaction will be closed before the end of the year for around 135 million euros, although the price could rise to €150 million.

The venture capital firm Eurazeo and the hotel management company Westmont Hospitality Group are the best positioned to acquire the portfolio. The latter’s offer would be slightly higher than the former’s, which makes it the favourite.

The complexes included in the deal are the Gran Hotel Colón in Madrid; the Ayre Hotel Gran Vía in Barcelona; the Ramiro I and Alfonso II in Oviedo; one in Córdoba and a site in Oporto. All are focused on urban tourism.

It is the third time that Palladium and El Corte Inglés have tried to sell this portfolio in five years. This time, they have hired BBVA and Deloitte.

Read the full article in Spanish

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