Room Mate Hospitality & Leisure (Room Mate Hotels), a Spanish lifestyle hotel brand and lease management company, has announced the acquisition of Staying Valencia.
This move is part of Room Mate Hotels' expansion strategy and strengthens its foothold in Valencia, Spain.
Financial details of the acquisition were not disclosed.
Staying Valencia includes a collection of ten boutique hotels and aparthotels in Valencia, among which is Helen Berger.
Room Mate Hotels, supported by TPG Angelo Gordon and Westmont Hospitality, plans to integrate and rebrand these properties to align with its portfolio of lifestyle hotels.
Westmont Hospitality added: “Room Mate is on an exciting growth trajectory, underpinned by a strong balance sheet, an institutionalised management team, and a renovated hotel portfolio. This acquisition reflects our continued commitment to support the company’s continued expansion into fast-growing hotel and tourism markets like Valencia through the addition of high-quality assets.”
This move comes following the acquisition of The Lime Tree Hotel in Belgravia, London, UK, last year and the recent opening of Palazzo Dei Fiori by Room Mate in Venice, Italy.
With the addition of Staying Valencia, the company will operate 32 properties across Spain, Italy, the Netherlands, the UK, and Turkey.
Room Mate Hotels founder and president Kike Sarasola expressed excitement about the acquisition: “Welcoming Staying Valencia into the Room Mate family marks a significant milestone in our journey.
“We are thrilled to add Staying Valencia to our portfolio of centrally located lifestyle hotels. We look forward to working with the new landlords, employees, and stakeholders.”
In addition, Room Mate Hotels is gearing up to launch the Room Mate Collection brand, targeting travellers looking for a luxury experience.
For the latest deal, Room Mate Hotels received advice from Clifford Chance, Perez Llorca, Jones Lang LaSalle, PwC, and Arcadis.
Staying Valencia was advised by JJL, with Javier de Miguel as the financial and legal adviser.
