Sahenk sells its favorite hotel in Spain for TRY 1.3 billion

Dünya Executive - - COMMENTARY -

The most prominent businessma­n in recent times, Doguş Holding Chairman Ferit Sahenk, has sold his hotel in Spain, one of his most important investment­s abroad. Sahenk bought the 5-star Magna Villa hotel in the capital Madrid for 180 million euros, and is now preparing to hand it over after negotiatio­ns with the real estate company RLH Properties. RLH, whose shares are traded on the Mexican Stock Exchange, approved the sales negotiatio­ns. In a statement to the stock exchange, RLH said that a binding agreement has not yet been signed but they are in a private negotiatio­n process with the current owners of Hotel Villa Magna. RLH reportedly allocated a budget of around 210 million euros for the hotel.

The most expensive hotel in Spain

As DUNYA reported back in 2016, Sahenk’s purchase made a big splash in Spain. Total tourism investment­s made in the first half of the year were 1.03 billion euros and Sahenk’s purchase accounted for 18 percent that, making Sahenk the top investor in Spanish tourism. The Saudi Royal Family ranks second after its acquisitio­n of the Hotel Pullman Barcelona Skipper in Barcelona for 90 million euros.

It was previously claimed that Dogus had been showcasing some hotels in Europe. If this sale is completed, it will be the first concrete result. Another developmen­t that makes this sale interestin­g is the price of the 150-room hotel. The sale, costing 1.4 million euros per room, makes Hotel Villa Magna the most valuable hotel in Spain. In addition, Sahenk’s short-term profit amounted to sales revenues of 30 million euros in two years. In 2016, Şahenk paid 180 million euros for the hotel. At that time, the euro-TRY exchange rate was 3.2, which correspond­ed to TRY 570 million. Currently, the price is approachin­g TRY 1.3 billion at the current exchange rate, a difference of almost TRY 750 million. RLH, directed by Mexican millionair­e Allen Sangies-Krause, attracts attention with its hotel investment­s in Latin America. The Mexican businessma­n is a former banker who is very close to the Spanish king Juan Carlos, a former senior manager for many years at Goldman Sachs and currently Chairman of BK Partners.

Newspapers in English

Newspapers from Turkey

© PressReader. All rights reserved.