HomeHotelGestmadrid negotiates a new fund for hotels and other properties

Gestmadrid negotiates a new fund for hotels and other properties

Hotel investment in Spain ended 2023 above 4,000 million euros and for the first quarter of 2024 the trend will continue to rise, thanks to the operations that were pending in the final closing phase and the great interest of international investors. In that context, Asset Management Spain GestMadrid is negotiating a third equity fund, intended for hotels, but also for student residences, nursing homes, residential developments and commercial properties, has confirmed to HOSTELTUR Carlos RomeroCEO of the firm.

In April 2023, Asset Management Spain Gestmadrid and Apex Capital raised a first fund of 18 million euros, “which is in place” and in the month of November “we signed 300 million euros for the next 3 years,” explained Romero. .

“We are currently negotiating a third Equity fund for 2,000 million euros. We would have 7 years for its placement and exit,” he told HOSTELTUR.

In a month, work will begin to build a hotel in Estepona. Source: AdobeStock.

After stating that the Asset Management Spain Gestmadrid team is “analyzing operations daily”, Romero detailed that the fund will be intended to invest in hotels, but also in nursing homes, student residences, commercial assets and residential developments. on the coasts and islands of Spain.

According to Romero, hotel assets are currently in the focus of investors “because they are a safe and profitable product, thanks to tourism,” but also due to “the legal/political uncertainty of residential assets, which can be occupied without sanction, and the rents of the residential, parameterized by the government”

Projects underway

In July of last year, the V Apex Real Estate fund (the one with 18 million euros) closed the acquisition of land in Estepona for the construction of a new 4-star hotel. Romero told HOSTELTUR that finally “we got 150 rooms and we will start work next month.” It has not yet been defined who will operate the future hotel, but they are negotiating and analyzing “the best options for Estepona and the needs on the Costa del Sol.”

On the other hand, in January 2023 HOSTELTUR published the plans of Asset Management Spain and Apex Capital to build 20 hotels in Tulum, in a plot of one million square meters of hotel surface located in a strategic enclave. In one year, the project changed: “we have moved them to condominiums because we believe that this option was more profitable for us, although we will leave some hotels for the last floors,” concluded Carlos Romero.

More information

Asset Management Spain and Apex Capital will build 20 hotels in Tulum

Source: Hosteltur

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