The property investment company NORDESTE PROPERTIES SOCIMI S.A. has finalised the sale of the iconic Hotel Meliá Bilbao to Hotei Properties Group SOCIMI S.A. for €63,000,000.
This transaction, which forms part of the company’s growth and diversification strategy, is aimed at consolidating its presence in Spain’s major cities. In this context, Bilbao represents a strategic location, both due to its economic dynamism and its growing appeal to tourists and businesses.
Meliá’s management of the property, under a long-term lease agreement, has been a key factor in the investment decision, as it guarantees operational stability and brand positioning. The company’s commercial strength and international recognition thus reinforce the asset’s appeal within its portfolio.
This is a five-star city centre hotel located at 29 Lehendakari Leizaola Street, right in the heart of the city’s cultural and financial district, next to the Euskalduna Palace, the Guggenheim Museum and the Iberdrola Tower. The hotel, which has recently been refurbished, has 210 rooms, as well as a comprehensive range of dining options, MICE facilities, wellness facilities and car park.
Designed by the Mexican architect Ricardo Legorreta, the building stands out for its unique architecture, which has made it one of the city’s landmarks since its opening in 2004. In July 2009, the hotel came under the management of Meliá Hotels International, one of the world’s most renowned hotel chains. It was in November 2019 that the hotel was acquired by the current seller, establishing itself as an asset within the Spanish urban hotel market.
Recent investment in its repositioning and the improvement of its facilities has enabled the property to be modernised and its competitiveness in the Basque Country to be strengthened, a region that continues to demonstrate solid fundamentals in terms of occupancy and average room rate.
With this acquisition, NORDESTE PROPERTIES SOCIMI is advancing its strategic plan for national expansion, focusing on assets with strategic locations, top-tier operators and long-term contracts that provide the company with recurring income and stability.