Strong international investor interest remains for European luxury hotels
News release
02 July 2023
JLL advises on the sale of the Mandarin Oriental Hotel, Barcelona
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LONDON, July 3, 2023 – JLL’s Hotels and Hospitality team represented Reig Capital Group in the sale of Mandarin Oriental Hotel, Barcelona to The Olayan Group.
The luxury hotel is situated on the prestigious Passeig de Gràcia, an exclusive shopping avenue in the heart of Barcelona’s city centre. The luxurious 5-star, 120 key hotel features a spa, a rooftop pool with spectacular city views, and an indoor pool. Each room and suite has been uniquely designed by renowned interior designer Patricia Urquiola.
Since its opening in 2010, the hotel has achieved exceptional success, solidifying its status as a premier destination in the city and an iconic hotel in Spain. Barcelona continues to show strong performance having recorded an 11% ADR recovery in 2022 (vs. FY 2019), (source: STR).
Patrick Saade, Senior Managing Director of EMEA Hotels & Hospitality Capital Markets at JLL, said, “The Mandarin Oriental Barcelona is one of the most luxurious assets in the city, benefiting from an immaculate location and an outstanding brand. Investor appetite for the asset has been plentiful despite the challenging capital market environment. Investors have taken notice as luxury hotels have become an increasingly institutional investment and changing consumer preferences give rise to new investment opportunities. Hospitality is in the spotlight for investors looking to deploy capital in our ever-evolving real estate asset class.”
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.