Hotei Properties Group Socimi has closed with GS Bacares Iberia, a company predominantly controlled by the international fund Nômade Partners SCSp and led by Miguel Isla and Transforma, the sale for 105 million euros of the building where the Hotel Nômade Madrid is located.
According to both companies in a joint statement, the transfer of this property, which was already being operated under a rental regime by the buyer group itself, was approved by the shareholders of Hotei after the agreement reached at the extraordinary general meeting held on July 15.
The financial scheme of the operation also includes a variable component of up to an additional 10 million euros, conditioned on the gross operating profit of the hotel exceeding certain indexed economic thresholds during the three fiscal years following the closing of the transaction.
With this divestment, Hotei will obtain an approximate capital gain of 8 million euros in its individual financial statements, to which is added 1 million euros derived from the agreed conditions for the deferred payments at closing.
At the same time, the operation allows the socimi to generate liquidity for its shareholders for a maximum amount of 1.2525 euros per share and to satisfy one of the suspensive conditions linked to the takeover bid launched on June 9 by Panwich Capital SL.
For its part, GS Bacares Iberia and the Nômade Partners group reinforce their position in the luxury hotel segment after the opening of Nômade Ibiza, by assuming full ownership of the building and thus bolstering the development of their brand.
The hotel has 93 rooms and is located at the confluence of Gran Vía and Alcalá streets, in Madrid. The property, in a classic style inspired by the Spanish Renaissance, was built in 1917 and designed by the architect Cesario Iradier.
"This operation [...] allows us to rigorously fulfill the corporate commitments made at the general meeting last July, among which is providing liquidity to the shareholder, but also advancing our roadmap to create a homogeneous and diversified portfolio of luxury and ultra-luxury assets in the destinations with the highest potential in Europe," stated the CEO of Hotei, Borja Escalada.
"The acquisition in ownership of the Hotel Nômade Madrid secures the future of our most emblematic asset in the capital in a truly unrepeatable location. Following the success of our recent opening in Ibiza, this transaction demonstrates our long-term commitment to the Spanish high luxury market," indicated his counterpart from Nômade, Miguel Isla.