CMS advises Atream on hotel acquisition
CMS Albiñana & Suárez de Lezo has advised Atream Hotels España, a subsidiary of SCPI Atream Hôtels (managed by Atream), on the acquisition of the Hotel Sun Palace Albir & Spa, a four-star hotel with 216 rooms located in L’Alfàs del Pi, on the Costa Blanca (Alicante).
The transaction was structured as a split deal: Atream Hotels España acquired the hotel property, while the hotel operating business was simultaneously transferred to Pierre & Vacances España, Europe’s leading proximity-tourism group, together with the execution of a long-term hotel lease agreement ensuring the continued operation of the hotel under the Pierre & Vacances brand.
The property is set to undergo a €2.7 million renovation to bring the hotel in line with Pierre & Vacances’ brand standards.
CMS’ partner Javier Colino and associate Marta Sánchez Urgellés from the Real Estate team led the transaction, together with Rodrigo García-Escorial de León and Álvaro Suárez López (Real Estate), and Ricardo Hector Lorca, Marion Taylor and Baldomero Fernández-Reyes Falcón (Tax).
