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Europa Press
Tuesday, 14 May 2024, 18:50
Real estate investment fund ActivumSG, which operates in Spain under the name ASG Iberia, has sold the Palacio Solecio hotel in Malaga for 51 million euros.
The name of the buyer of the establishment, which was opened in 2019 after an extensive restoration process, has not been disclosed. The 18th-century Andalusian city mansion was in a poor condition before ASG Iberia acquired it for eight million euros to proceed with its transformation.
Subsequently, an extensive restoration process was undertaken to revitalise the palace and refurbish it as a modern, fully serviced luxury hotel. The refurbishment preserved the distinctive architecture of the building, which features historical elements such as its original staircase and interesting façade.
During the second phase of the refurbishment, ASG Iberia and Tech-Stone incorporated and redeveloped three derelict plots of land adjacent to the original building. The extension included the creation of 50 rooms, a rooftop bar and a swimming pool overlooking the centre of Malaga.
The hotel opened in 2019 with 68 rooms following the first phase of the refurbishment, with the second phase opening in 2023. Marugal Distinctive Hotel Management currently manages this 118-room asset under a hotel management contract.
Palacio Solecio has a total surface area of more than 8,000 square metres and is located close to the Picasso Museum, and a ten-minute walk from the seafront promenade.
"In our direct real estate and corporate platform strategies, we believe there are opportunities in the residential, hospitality and senior living sectors due to a shortage of high-quality options despite growing consumer demand," said ActivumSG founder and CEO Saul Goldstein.
Ashurst acted as legal adviser to the transaction and real estate consultants JLL and Knight Frank acted as commercial advisers.
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