Spain: Way of life model Room Mate Motels has acquired Staying Valencia, a portfolio of boutique motels and aparthotels in Valencia.
Staying Valencia operates greater than 500 rooms and 5 eating places throughout Valencia.
Room Mate plans to combine and rebrand the properties into its portfolio, which incorporates lodge model Room Mate, aparthotel model Be Mate, and hostel model Wabi Sabi.
The addition of Staying Valencia takes Room Mate’s complete portfolio to 32 motels throughout Spain, Italy, the Netherlands, the UK and Turkey.
Kike Sarasola, founder and president of Room Mate Motels, stated: “Welcoming Staying Valencia into the Room Mate household marks a major milestone in our journey. We’re thrilled so as to add Staying Valencia to our portfolio of centrally positioned way of life motels. Valencia’s cultural richness and the corporate’s hospitality philosophy completely aligns with Room Mate’s values. We look ahead to working with the brand new landlords, workers, and stakeholders. Collectively, we’re dedicated to setting new benchmarks in hospitality excellence.”
The deal marks the primary portfolio acquisition for Room Mate, which is co-owned by personal fairness corporations TPG Angelo Gordon and Westmont Hospitality having collectively acquired the corporate in 2022.
Jacopo Burgio, managing director – Europe actual property at TPG Angelo Gordon, stated: “We consider Room Mate now operates from a place of monetary power with no debt and a goal EBITDA of €40 million in 2025 for the mixed entity. We’re happy to have helped Room Mate reestablish itself as one of many premier worldwide lodge chains and look ahead to persevering with to assist the corporate because it seeks to reap the benefits of thrilling alternatives within the European hospitality sector and past.”
Westmont Hospitality added: “Room Mate is on an thrilling progress trajectory, underpinned by a robust stability sheet, an institutionalised administration crew, and a renovated lodge portfolio. This acquisition displays our continued dedication to assist the corporate’s continued enlargement into fast-growing lodge and tourism markets like Valencia via the addition of high-quality belongings.”
Clifford Probability (authorized), Perez Llorca (tax and structuring), Jones Lang LaSalle (industrial), PwC (monetary) and Arcadis (technical) served as advisors to Room Mate Motels within the transaction. JJL, led by Javier de Miguel, served as monetary and authorized advisor to Staying Valencia.
