Invests Additional €20 Million in Renovation
|London, 9th January 2003
— Le Meridien Hotels & Resorts and Deka Immobilien are pleased to announce
the sale of Le Meridien Barcelona, a five star hotel on the Ramblas in
Barcelona, to Deka Immobilien Investment GmbH.
The property, which will continue to be managed by Le Meridien on a long term lease, benefits from direct frontage to the world renown Ramblas, and as such is recognised as being one of the best located 5 star hotels in Barcelona. The hotel, first opened in 1958, is currently benefiting from a major capital expenditure programme totalling €20 million that will ensure it retains its position as one of the most prestigious hotels in the city. The refurbishment of the ground floor which began in September 2002 has now been extended to include the meeting rooms and the remaining bedrooms which incorporates Le Meridien’s Art + Tech design concept.
Marius Schöner, Director of Deka Immobilien comments, “We are delighted to have acquired this substantial and unique property in the heart of one of Europe’s leading cities”.
Jürgen Bartels, Chief Executive of Le Meridien Hotels & Resorts, added, “This transaction is the first in the second phase of our sale and leaseback programme. We are delighted that Deka Immobilien share our vision for the future of this landmark property, and look forward to realising its greater potential on completion of the current refurbishment”.
Jones Lang LaSalle Hotels advised Le Meridien whilst Insignia Hotels and Feuring advised Deka Immobilien.
Le Méridien is a global hotel group with a portfolio of over 140 luxury and upscale hotels (38,000 rooms) in 55 countries worldwide. The majority of its properties are located in the world’s top cities and resorts throughout Europe, the Americas, Asia Pacific, Africa and the Middle East. The company also enjoys a strategic alliance with JAL-owned Nikko Hotels, providing loyal guests access to an additional 43 properties around the world. Headquartered in London, Le Méridien Hotels & Resorts Group was formed by the Principal Finance Group of Nomura International plc. The Principal Finance Group has since become independent and is now known as Terra Firma. The Terra Firma Group manages Le Méridien for Nomura International plc.
Deka Immobilien Investment GmbH is part of the DekaBank Group, the main investment services branch of the Sparkassen Finance Group. With a managed funds total of some EUR 16 billion (as of Dec. 31 2002), the company, which was founded in 1967, is the market leader among open-ended property funds in Germany.
Jones Lang LaSalle Hotels, the worlds leading hotel investment services group, provides clients with value-added investment opportunities and advice. In 2001, its success story includes the sale of 7,972 hotel rooms to the value of US$1.3 billion in 39 cities and advisory expertise on 100,550 rooms to the value of US$26.3 billion across 255 cities. Jones Lang LaSalle Hotels’ services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection and industry research.
|Also See||Brian Jones Named VP of Sales and Marketing, Americas for Le Méridien Hotels and Resorts / July 2002|
|The 680-room Le Meridien Frankfurt Airport Will be Designed Entirely in Art + Tech Style / April 2002|