Riu buys Grand Hyatt Barcelona, former Princesa Sofía, for 300 M€ (645.161 € per key)

Riu Hotels & Resorts has closed the acquisition of Grand Hyatt Barcelona, the iconic former Princesa Sofía hotel, for an amount of 300 M€ (645.161 € per key), according to market sources cited by Cinco Días. The property, a five-star grand luxury hotel with 465 rooms located next to Avenida Diagonal and Camp Nou, represents the Balearic chain's first asset in Barcelona after twelve years of active search. «With this hotel we fulfill a historic objective», stated Luis Riu, CEO of the company.

Transaction details: total price, 300 M€ (according to market sources) · price per key, 645.161 € · inventory, 465 rooms distributed across 19 floors · category, five-star grand luxury.

Parties: buyer, Riu Hotels & Resorts · seller, Blasson Property Investments and BNP Paribas Asset Management Alts · advisors, aCapital (buy side) and Eastdil and Colliers (sell side).

History and valuation evolution: the property was inaugurated in 1975 as Princesa Sofía. Selenta Group carried out a comprehensive 60 M€ renovation (129.032 € per key in capex) to reopen it in 2018 as Sofía Barcelona. In 2021 it passed into the hands of Brookfield as part of the Selenta portfolio acquired for 440 M€. In April 2023, Blasson Property Investments and AXA IM Alts (currently BNP Paribas Asset Management Alts) acquired it for approximately 180 M€ (387.097 € per key), allocating an additional investment of around 20 M€ in capex (43.011 € per key) for its repositioning and reopening in 2024 under the Grand Hyatt brand. With the sale to Riu for 300 M€ (645.161 € per key), the price per key rises by 67 % compared to the 2023 purchase and by 50 % compared to the sellers' total investment (approximately 200 M€ between acquisition and capex, 430.108 € per key).

Riu will take over the direct management of the property on April 1, 2027, at which point it will cease operating under the Hyatt brand and will join the group's urban portfolio as Riu Plaza Barcelona, the 14th in this division.

Takeaway: the transaction ranks among the largest of the year in the Spanish hotel segment and highlights the strong investor demand for trophy, large-scale assets in Barcelona, a market characterized by severe restrictions on new supply. For Riu, the move culminates its presence strategy in key urban destinations with a benchmark asset equipped with one of the city's largest convention centers. HotelVALORA, as a hotel investment valuation and intelligence platform, monitors transactions daily to keep sector data up to date.

Sources: Cinco Días, Hosteltur, Europa Press, Brains RE, and AXA IM Alts.