The opening of the hotel, located next to Fira Gran Vía, is scheduled for early 2021
The investment manager ASG has formalized an agreement with ‘Hampton by Hilton’ for the construction of a new hotel project in Barcelona, which will have 242 rooms, and an investment of 40 million euros.
It is the third investment to date in the dynamic Spanish hotel sector by the funds of ASG. The forecast is that the ‘Hampton by Hilton Barcelona Fira Gran Vía’, whose investment corresponds to the Iberia Fund I of ASG, opens its doors at the beginning of 2021.
The establishment will operate under a franchise agreement with Borealis Hotel Group, which has signed a long-term lease to operate the new hotel.
ASG will build the establishment in front of the Fira de Barcelona, in the business district of Plaza Europa. The construction work of the hotel has already begun and is expected to finish in the first quarter of 2021.
According to the manager, the revenue per available room (RevPAR, for its acronym in English) of Barcelona have recorded an accumulated annual growth rate of 6.1% since 2009.
“One of the axes of our hotel strategy is to help brands with a solid operating history to consolidate their presence in the very attractive Spanish market,” explained the founder and managing partner of ASG, Saul Goldstein, who added that the manager has an “important” portfolio of projects, which it expects to announce in the coming months as its strategy in this segment gains momentum.
Hard Rock International partnered with ASG in October for the opening of a hotel that the latter is building in an old office building in the museum area of Madrid. Also, ASG is rehabilitating a hotel in Malaga to position it in the luxury segment.