Nortia Capital, the investment vehicle of former Cirsa owner Manuel Lao, is entering the hotel sector. To do so, it has created a joint venture with Grupo Pulitzer, with an investment capacity of 100 million euros.
Its portfolio consists of three hotels, two in Barcelona and one in Paris. After this alliance, they will have 20 4-or5-star urban properties, totalling 1,500 beds in five years.
Nortia Capital plans to manage the assets without owning them or to combine management with ownership. In this process, it intends to partner with family offices and socimis. The next openings will be in prime locations in Madrid, Malaga, Valencia, Seville, Bilbao and Palma. Outside Spain, they are looking to position themselves in London, Rome, Lisbon and Paris.
Nortia is the second-largest shareholder of Merlin Properties, with 8.168%, behind Banco Santander (22.268%) and ahead of the American investment bank Blackrock (3.996%). The investment would exceed 363 million euros, according to the latest notification to the CNMV.