The 4,104-room portfolio includes two Clarion hotels, 13 Four Points by Sheraton hotels, one Sheraton hotel and two Radisson hotels. The properties are located in major cities, including Boston, Chicago, Denver, Detroit, Los Angeles, Phoenix, Pittsburgh, San Francisco, Washington, D.C., as well as several major northern New Jersey suburbs.
The joint venture ownership group consists of: Grubarges Inversión Hotelera SL, a Madrid-based joint venture between Grucycsa, a division of FCC, one of Spain's largest construction companies; Barceló, an international travel and hotel company headquartered in Palma de Mallorca, Spain; and BBVA, Spain's second largest bank.
"We believe the U.S. hotel industry is on the upswing, creating an excellent opportunity to implement our exit strategy," says a spokesperson for Grubarges. "We will be flexible in our marketing approach and may sell the hotels in one portfolio, several smaller portfolios or individually, depending on market conditions."
Pyramid Advisors, a Boston-based hotel company, has been named as asset manager of the 18 U.S. hotels until they are sold. The spokesman adds that prior to making the decision to sell the properties, Grubarges had already received a significant amount of interest from potential buyers.
Following the sale of the hotels, BBVA and Grucycsa will transfer their holdings in Grubarges to Grupo Barceló, a division of Barceló, which will retain ownership of the venture's four Mexican assets.
In addition to the US hotels, Grubarges says it plans to sell six hotels in Spain. Proceeds from the sales will be used to repay Grubarges' debt.
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