December 22, 2021
Sixth Street acquires five hotels and forms new partnership with Pierre & Vacances in Spain
December, 22nd, 2021. ─ Sixth Street, a global investment firm with over $60 billion in assets under management, in partnership with Pierre & Vacances Spain, the Spanish subsidiary of the European leader in holiday apartments, hotels and resorts for more than 50 years, announce the acquisition of five hotels with a total of over 1,000 rooms. This announcement is part of a new partnership between both companies for the acquisition, capital investment and operation of holiday hotels and resorts in Spain.
The agreement calls for Sixth Street to invest in the acquisition and improvement of the assets, which Pierre & Vacances Spain will help to identify and operate.
The alliance starts with the acquisition of five hotels located in Benidorm, Roquetas de Mar, Lloret de Mar and Salou, involving an approximately €85 million investment to acquire and raise the quality and services, as well as adapting them to Pierre & Vacances modern standards and best in class vacation hotels. As a result, Pierre & Vacances will have a portfolio of more than 5,000 accommodation units distributed across 48 complexes and hotels, representing a 16% increase in its accommodation capacity.
In the words of José María Pont, Chief Executive Officer of Pierre & Vacances Spain “despite the fact that the Covid-19 crisis is still ongoing, both companies are aware that Spain is and will be a top destination for European tourists in the coming years. This alliance is an important step towards making Pierre & Vacances one of the most important leisure tourism operators in Spain.”
The five new hotels -Pierre & Vacances Benidorm Horizon, Hotel Benidorm East by Pierre & Vacances, Hotel Salou Sunset by Pierre & Vacances, Hotel Roquetas El Palmeral by Pierre & Vacances and Hotel Lloret Santa Rosa by Pierre & Vacances- comprise a total of 1,039 rooms and are part of the Pierre & Vacances tourism development strategy on the peninsular coast. The company will now operate a total of four establishments in Benidorm, one in Lloret, two in Roquetas and three in Salou.
About Sixth Street
Sixth Street is a global investment firm with over $60 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Sixth Street’s London-based European real estate team partners with property managers and institutional investors to acquire, finance, and provide servicing expertise across the real estate sector. Founded in 2009, Sixth Street has more than 350 team members including over 180 investment professionals around the world. For more information, visit www.sixthstreet.com or follow Sixth Street on LinkedIn.
About Pierre & Vacances Center Parcs Group
Created in 1967 in Avoriaz, Pierre & Vacances is the leader in leisure tourism in Europe. The historic Pierre & Vacances – Center Parcs brand has been offering unique and unrestricted vacation experiences for 50 years, cultivating the values of freedom, aesthetics, nature and hedonism. Situated in the heart of the most beautiful tourist centers by the sea, in the mountains and the countryside, Pierre & Vacances offers three types of experience to more than two million travelers every year: premium establishments, for an exceptional experience in a chic and relaxing atmosphere; resorts, for a wide range of activities, water parks and children’s clubs for all ages; and ideally located and fully equipped apartments and houses. With a presence in more than 260 destinations and 20,000 lodgings in mainland France and the Caribbean, Spain, Italy, Croatia, Portugal, Mauritius and, more recently, Montenegro, Greece and Crete, Pierre & Vacances is a destination in itself.
For more information about Pierre & Vacances Center Parcs, please contact:
- Laia Jardí / Joan Pagès
- ljardi@llorenteycuenca.com / jpages@llorenteycuenca.com
- LLYC – Tel. +34 93 232 00 44