Extendam buys three 4-star hotels in Madrid and Barcelona
French asset manager Extendam keeps expanding in Spain. It just bought three 4-star hotels in Madrid and Barcelona, pushing its local portfolio to 35 hotels and over 4,400 rooms. In Madrid it acquired the Crowne Plaza (a business district staple), the other two are in Barcelona, though the firm hasn't disclosed their commercial names.
The move fits Extendam's strategy of focusing on the upper midscale segment in major cities. Buying three assets at once gives it operational scale and stronger negotiating power with OTAs and suppliers. This deal shows that investor appetite for Spanish hotel real estate remains healthy despite macro headwinds. It will be interesting to see whether they rebrand any of the properties or keep the existing flags.
Fun fact: Extendam started with one hotel in 2014 and has built one of the most diversified portfolios in just ten years. For the full scoop, check out the original story on Hosteltur.
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