Covivio, through its subsidiary Covivio Hotels, owns a portfolio of 20 hotels in Spain representing 3,700 rooms operated by the major Spanish operators, such as Barceló, Meliã and NH Hotels. The company achieved a major step in its international development in 2016 with the acquisition of 17 hotels, mainly located in Madrid and Barcelona, for EUR 559 million.
Since then, Covivio has deployed a successful asset management strategy to extract the value creation potential of this portfolio: the disposal of non-core assets in secondary locations, renovation and repositioning through capex invested by operators and brand management to increase the profitability of the hotel.
The portfolio comprises three hotels in highly attractive locations in Madrid city centre: the Barceló Torre de Madrid in Plaza de España, the Paseo del Arte near the Prado museum and the NH Collection Colón on the Paseo de la Castellana.
Covivio is an integrated real estate operator, diversified across three well-oriented asset classes in Europe with EUR 15 billion of assets in group shares (EUR 23 billion at 100%): offices in France and Italy (58% of the portfolio), German residential (25%) and hotels in Europe (15%). The company’s strategy is based on three strategic pillars: focus on European capital cities, development pipeline and client centricity.