Pérez-Llorca advises Victoria Hotels on the sale of key assets

Victoria Hotels & Resorts, the alternative investment vehicle promoted by Bankinter Investment, GMA, and Meliá Hotels International (MHI), has successfully completed the divestment of two of its flagship assets: the Hotel Innside Zaragoza and the Hotel Innside Palma Bosque.

The Hotel Innside Zaragoza has been acquired by a private investor, while the Hotel Innside Palma Bosque was sold to a joint venture between Meliá and an institutional investor. These transactions were executed through call options in favor of MHI, established at the time of the vehicle’s creation in June 2021. This forms part of a strategic investment model focused on profitability, professional asset management, and a high degree of specialization in the hospitality sector.

Strong Returns and Capital Gains

The divestment of these two hotels has generated significant capital gains for the investment vehicle and its stakeholders. The execution of the purchase options for both the Innside Zaragoza and Lierinto, the company owning the Innside Palma Bosque, was completed for a combined asset value of €74 million. This represents a capital gain of €36 million—equivalent to a 95% increase.

The combined unleveraged internal rate of return (IRR) at the asset level exceeds 25% for Victoria Hotels & Resorts, compared to the initial targeted leveraged IRR of 9% for investors. These results underscore the success of the vehicle’s investment strategy and the strength of the hotel assets.

The transaction was advised by a corporate and tax team from leading law firm Pérez-Llorca. The team included José Ángel Nabal (Corporate Partner, pictured), Javier Villanueva, Tobías Kálnay, and Ignacio de Benito (Corporate Lawyers), along with Inés María Méndez de Vigo (Legal Advisor), Norma Peña (Tax Partner, pictured), and Arturo Parellada (Tax Lawyer).

This successful exit reinforces Victoria Hotels & Resorts’ position as a high-performing player in the hotel investment space and highlights the continued appetite for well-managed, premium hospitality assets in Spain.