The Spanish fund manager Blasson Property Investments, in alliance with the insurance group Axa, have closed the acquisition of the emblematic Hotel Sofia in Barcelona, ​​a five-star establishment with 465 rooms that was previously the star asset of Joan Gaspart’s hotel group. The operation, which was in the process of technical review since the end of last year, is valued at 180 million euros, according to Cinco DÃas and confirmed by the Cuatrecasas law firm, which has advised the buyers.
Until now, the Sofia hotel was owned by the Canadian fund Brookfield, which incorporated it with the acquisition of the Selenta chain in 2021 for 440 million euros. The establishment is currently managed by Selenta, which in turn has a franchise agreement with the American group Hyatt, which operates it under the Unbound Collection brand. The hotel is currently undergoing renovations, and plans to reopen in 2024.
However, Blasson has not only bought the property, but has signed a management contract under which it will provide coordination and supervision services for the hotel manager to maximize the value of the asset.
Blasson’s purpose is to reposition the hotel in a higher range and take advantage of the rehabilitation of the building and the rise of luxury hotels, since the five stars are being penalized by the reduction in business trips after the pandemic. Industry sources explained that one of the axes of Blasson’s strategy will be to renegotiate the category of the Sofia hotel with Hyatt. Likewise, the group has initiated contacts with international brands interested in promoting the gastronomic offer of the hotel restaurants and taking over the rooftop terrace.
Located on the Diagonal in the Catalan capital, next to the Spotify Camp Nou, the establishment was previously known as the Princesa SofÃa hotel.
Blasson Property is a manager born in early 2021 by investors Antonio Pan de Soraluce, Francisco Meliá and Enrique Benjumea. In their operations they are accompanied by Latin American and American investors, or in the case of the Sofia Hotel, the insurer Axa.
Blasson Property carried out its first operation in 2021 by investing 180 million to buy the Punta Negra hotel in Calvià , operated by the H10 chain. Half of this amount was used to reform the property with a view to its reopening in 2024, when it will be operated by the super-luxury brand Mandarin Oriental. The manager also owns the 5-star hotel Kimpton Aysla Mallorca, managed by InterContinental Hotel Group (IHG) under the luxury brand Kimton Hotels
