MNK Partners buys B&B Lisboa Aeroporto for €14M
B&B Hotels has announced the sale of B&B Hotel Lisboa Aeroporto for €14 million to the MNK Partners fund.
According to Iberian Property, the hotel next to Humberto Delgado airport, was developed and financed by B&B Hotels and built by Grupo Casais with the intention of selling it and leasing it at the same time to a real estate fund, through a long-term guaranteed leasing contract.
According to the Lusa news agency, now that the deal is concluded, B&B Hotels “will redirect 100% of its real estate assets in Portugal,” consolidating its asset light business model on the Iberian Peninsula, “key to maintain its strong growth”.
Lucia Méndez-Bonito, executive president for Spain and Portugal at B&B, commented in a release that the sale of hotels with guaranteed long-term leasing is a strategic operation for B&B Hotels, since it allows to maintain the balance in Spain and Portugal so as to keep a strong growth pace in the future within the entire Iberian Peninsular.
“We currently have a wide number of ongoing projects and we continue searching for opportunities to continue our sustained growth in the entire region so as to extend our network with 10 more hotels in Portugal in 2021,” she added. And explained to Negócios “Spain and Portugal are two key markets for B&B Hotels’ development and our ambition to continue being the undisputed leader of budget hotels”.
B&B Hotels was acquired by Goldman Sachs in 2019, along with its management team. It currently has 37 hotels in Spain and 5 in Portugal, all with long-term leases.