Sofitel Returns to Spain After Propreal’s €40mn Investment in Barcelona Hotel Redevelopment Project

GENEVA, 9th November 2022 – Sofitel, the luxury brand of France’s Accor Hotels Group, has re-entered the Spanish market following Swiss boutique real estate investor Propreal Capital Partners completion of the €40 million redevelopment of the five-star hotel in Barcelona’s Vila Olímpica.

 Sofitel Barcelona Skipper has 225 guest rooms over 19,000 sqm and was officially opened by Propreal CEO Yves Miorcec de Kerdanet and Maud Bailly, CEO of Accor Southern Europe.

 Marcus Siggelow, Head of Asset Management at Propreal Capital Partners, said: “Sofitel Barcelona Skipper represents a spectacular entry by Accor’s Sofitel brand into the Spanish market on a prime location opposite the city’s best-known beach, Barceloneta, and a few minutes’ walk from the Gothic Quarter historic centre. Since Propreal acquired the property for our investors, we’ve succeeded in unlocking the value potential of the hotel by applying cutting edge design in the renovation with a strong focus on updating the bars and restaurants, notably the dazzling rooftop terrace, to boost their attractiveness and turnover from previously under-utilized public spaces. Propreal sees more opportunities to add to our portfolio in the Iberian market after the success of this project and we are actively looking for new investments.”

 Propreal used its proprietary in-house data analytics expertise to optimize the asset management process and maximise the yield from its Barcelona investment. Two renovations were undertaken across the asset to ensure the new hotel was aligned with Sofitel’s demanding high-grade finishings.

 A first renovation was undertaken in the public areas on the ground floor including the lobby, restaurants, and terraces, resulting in a significant increase in footfall across the property and a tripling the food and beverage revenues of previous years very quickly. The second phase of the renovation programme was started in 2021, including the complete renovation of the façade, all guest rooms, the conference area, rooftop terrace, fitness facilities/swimming pools and parking.

 Maud Bailly, CEO Southern Europe, Accor Hotels, said: “Accor was looking for the perfect location to re-debut our top-of-the-range Sofitel luxury brand in Spain, and Barcelona was the perfect location. The city is at a crossroads between Catalonia’s rich history and Vila Olimpica’s modernity, and we are very glad to partner with Propreal for this flagship development. This 5-star hotel represents the syncretism of the French and Catalan cultures combined with the ‘Art-de-vivre’ spirit, which is incorporated into its design along with the premium culture of the service, food and beverage experience. This flagship Sofitel also demonstrates how we can provide luxury services while operating in a sustainable way, remaining close to the environment and its local communities. As an example the hotel exclusively serves local produce in the 3 restaurants located around the hotel, has 82 solar panels installed on the rooftop, and promotes diversity which is one of the key markers of leadership at Accor. We are proud of this new jewel in the Sofitel’s crown, offering right here in Southern Europe a template for future developments across our markets.”

 About Propreal Capital Partners

Propreal is an independent real estate investor and asset manager founded in 2012, with a €1.3 billion portfolio of mixed-use properties, hotels, retail and residential-focused projects. The company is focused on unlocking property value in markets such as Germany, Switzerland, Spain, France, Italy, Canada and the United Kingdom; targeting urban properties that are identified for their untapped potential.

 About Sofitel

Sofitel Hotels & Resorts is an ambassador of modern French style, culture and art-de-vivre around the world. Established in 1964, Sofitel is the first international luxury hotel brand to originate from France with more than 120 chic and remarkable hotels in many of the world’s most sought-after destinations. Sofitel exudes a refined and understated sense of modern luxury, always blending a touch of French elegance with the very best of the locale. Sofitel also includes a selection of heritage luxury hotels under the Sofitel Legend banner, renowned for their timeless elegance and storied past. Some notable hotels in the Sofitel portfolio include Sofitel Paris Le Scribe Opera, Sofitel London St James, Sofitel Dubai The Obelisk, Sofitel Legend Old Cataract Aswan, Sofitel Mexico City Reforma, Sofitel Legend Santa Clara Cartagena, Sofitel Legend Metropole Hanoi and Sofitel Ambassador Seoul. Sofitel is part of Accor, a world leading hospitality group counting over 5,300 properties throughout more than 110 countries, and a participating brand in ALL - Accor Live Limitless – a lifestyle loyalty program providing access to a wide variety of rewards, services and experiences. | |