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JV Takes Barcelona Hotel for $529M

BARCELONA-A joint venture between Host Hotels, Dutch pension fund Stichting Pensioenfonds ABP and Jasmine Hotels Pte Ltd., pays euro 420.35 million ($529.4 million) for the Hotel Arts Barcelona.

By Anita Howarth | Updated on July 26, 2006

BARCELONA-The Netherlands joint venture of Host Hotels & Resorts has bought the Hotel Arts Barcelona for about euro 420.35 million ($529.4 million), including the assumption of about euro 282.35 million ($355.5 million) of debt.

Host Hotels and partners Dutch pension fund Stichting Pensioenfonds ABP and Jasmine Hotels Pte Ltd., an affiliate of real estate investment company GIC Real Estate Pte Ltd., bought the Ritz-Carlton hotel. The hotel, which is located on the shores of the Mediterranean Sea in Barcelona, contains 483 luxury guestrooms, including 28 luxury duplex apartments. The property, which recently underwent a comprehensive guestroom renovation that was completed in June 2006, also features 24,000 sf of meeting space including the largest ballroom in Barcelona, five high-quality restaurants and a full-service spa with eight treatment rooms. The transaction also includes the purchase of an approximately 80,000-sf casino that is leased to a third-party operator.

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