LONDON and BARCELONA, SPAIN – July 22, 2024 – Stoneweg, the real estate investment company, and Bain Capital, the global private equity firm, through their hotel real estate joint venture, have sold the Casa Lit Barcelona hotel to Grupo Hoteles Gargallo.
Situated in the heart of Barcelona just 400 metres from Las Ramblas, the [4*] hotel was constructed in 2010 on the site of the former Colón theatres. It comprises 89 rooms, blending historic charm with contemporary design. Since taking over the management in 2022, Stoneweg Hospitality has delivered a successful renovation and introduced the Casa Lit brand (previously Acta Mimic hotel), infusing it with a fresh and innovative style. The property has been managed by the Ona Hotels chain.
Benefitting from its proximity to Barcelona’s main tourist and cultural attractions, the hotel has become increasingly popular with tourists, business travelers, and meeting attendees, which has underpinned its very strong its operational performance.
The acquisition of Casa Lit Barcelona by the Gargallo Hotels Group marks a significant expansion for the chain, reinforcing Gargallo’s position in the competitive Barcelona market with a commitment to excellence and innovation in the hospitality sector.
Miguel Casas, Managing Director of Stoneweg Hospitality, commented” We are very proud to have owned and managed Casa Lit Barcelona and to have contributed to its success. We have every confidence that the sale to Grupo Hoteles Gargallo, a dynamic and fast growing operator, will see a continuation of what is currently an exceptional guest experience in the economy segment, under a management committed to quality.”
Francisco Bello, Operating Partner, from Bain Capital added: “This transaction is a testament to our focus on creating value through strategic investments in high-quality real estate assets. We are confident that Grupo Hoteles Gargallo will take the hotel to new heights.”
Xenia Gargallo Gay, Managing Director of Grupo Hotelero Gargallo, said: “We are delighted to add Casa Lit Barcelona to our portfolio, bringing our total number of hotels in Barcelona to eleven and reinforcing our leadership in the iconic Ciutat Vella district of Barcelona. This hotel aligns perfectly with our vision of offering exceptional accommodations in key locations. We look forward to continuing its legacy of excellence and providing an unforgettable experience for our guests.”
The integration of Casa Lit Barcelona into the Grupo Hoteles Gargallo stable is scheduled for next month, with plans for its immediate incorporation into the chain’s offerings and quality standards.
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $52 billion in assets under management. Bain Capital Credit invests across a full spectrum of strategies, including leveraged loans, high-yield bonds, distressed debt and special situations, private lending, structured products, non-performing loans, special situations real estate and majority and minority equity stakes. Founded in 1998 as a private, employee-owned firm, Bain Capital Credit’s experienced team of over 150 investment professionals seeks to identify attractive equity and credit investment opportunities across North America, Europe, and Asia-Pacific. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, real estate and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
About Stoneweg
Stoneweg (www.stoneweg.com) is a real estate investment adviser and asset manager established in 2015 and headquartered in Geneva, Switzerland. The firm leverages in-house local operational teams to source, develop and manage real estate investments. To date, Stoneweg has executed and advised on almost €5 billion of real estate investments across different sectors including developments. Stoneweg expertise includes both equity and debt strategies, advising its client base of financial institutions and family offices across a range of structures including club deals, joint ventures, co-investments and funds. The firm’s investment philosophy is driven by a bottom-up approach to project selection, utilising Stoneweg’s own teams on the ground and deep networks to seize the best opportunities. Stoneweg has a dedicated presence in Switzerland, the United States, Spain, Italy, Andorra and Ireland, enabling many of the operational aspects of the firm’s investments to be carried out in house and locally. Stoneweg has completed more than 300 acquisitions alongside best-in-class partners since 2015.
About Grupo Hotelero Gargallo
Grupo Hotelero Gargallo is a Spanish hotel chain with more than 60 years of experience in the sector. With an outstanding presence in Barcelona and other key cities in Aragon such as Huesca or Teruel, the chain is characterized by its commitment to quality and customer service with a total of 20 hotel establishments. Currently the Hotel Group Gargallo, in its third generation, is immersed in a process of renewal of its strategic vision led by Xenia Gargallo Gay, in her capacity as administrator, characterized by a commitment to the family legacy appropriate to the new times, highlighting the attractive heritage of the Group with several of its hotel establishments located in emblematic and historic buildings and always with a clear philosophy of service and prioritization of the customer experience.
Read the orginal article: https://www.baincapital.com/news/stoneweg-and-bain-capital-sell-casa-lit-barcelona-hotel
