Hotel Arts sold for €417m in Spain's biggest single-asset deal
24 July 2006
The five-star Hotel Arts in Barcelona has been sold for €417m (£285m) in the largest ever single asset real estate deal in Spain.
Buyer Host Hotels & Resorts - in concert with Dutch pension fund Pensioenfonds ABP - teamed up with Jasmine Hotels, which is owned by the Government of Singapore Investment Corporation, for the deal.
Jordi Frigola, head of Jones Lang LaSalle Hotels, which advised the buyers, said: "This landmark deal demonstrates how buoyant the hotel investment market is in Spain at the moment."
The hotel will continue to be managed by Ritz-Carlton, a Marriott subsidiary.
By Angela Frewin
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