The investment fund Sixth Street and Pierre & Vacances have finalised a joint venture to invest in hotel assets. Sixth Street, which will acquire the assets, has completed the acquisition of five hotels in Benidorm, Roquetas, Lloret de Mar and Salou.
In total, the fund will allocate 85 million euros to acquire and reposition the assets. The hotels include the Hotel Benidorm Horizon, the Hotel Benidorm East, the Hotel Salou Sunset, the Hotel Roquetas El Palmeral and the Hotel Lloret Santa Rosa. Between them, they have a total of 1,039 rooms.
With this latest move, the Pierre & Vacances’ portfolio now totals 48 active hotels and 5,000 rooms in Spain alone. Sixth Street manages more than €60 billion in assets.
