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Hotel chains are selling their assets

The hotel sector is struggling and the so needed demand is still failing, due to the restrictions because of the pandemic.

Although there has been plenty of creative initiatives to attract the local people (f.e. work stations, packages consisting of dinner and hotel stay, and others), operations remain in deficit. And for this reason some have no other choice but selling assets.

More and more assets become available on the market, while waiting for the demand to go back to normal levels, which would allow to go back to positive cash numbers. With this objective in mind, some chains are looking for sale & lease back operations, which means the asset is being sold, maintaining the lease with a purchase option at the expiration of the lease term.

Chains selling parts of their assets

Among the hotel chains thinking about selling assets are Meliá, NH and Riu. The first has already identified assets that would generate between 150 and 200 millions of cash flow, the second over 200 millions, and the third, part of Tui, is selling three hotels in Madeira, Lanzarote and Panamá, with over 1500 rooms and together worth about 250 millions of euros. Another chain selling assets is Selenta, who after selling Hotel Nobu in Barcelona for 80 millions, is now looking for the sales of five other hotels in Spain, to make between 400 and 450 millions. Hotel chain Barceló sold the mythic Hotel Formentos for 165 millions a few months ago. Other selling parties are Único Hotels, H10 and Hotusa, and owners who are selling just one hotel.

Tendency already started before pandemic

Although the need to sell assets is a direct consequence of the delicate financial position of hotels due to the pandemic, it’s also part of a larger strategic process that started a few years ago, where the sector is starting to give more importance to the management instead of property, reducing the intensity of capital within the sector. According to various sources, at the moment there are 1200 hotels for sale in Spain. Source: Expansión.  

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