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Spain: Lifestyle brand Room Mate Hotels has acquired Staying Valencia, a portfolio of boutique hotels and aparthotels in Valencia.
Staying Valencia operates more than 500 rooms and five restaurants across Valencia.
Room Mate plans to integrate and rebrand the properties into its portfolio, which includes hotel brand Room Mate, aparthotel brand Be Mate, and hostel brand Wabi Sabi.
The addition of Staying Valencia takes Room Mate’s total portfolio to 32 hotels across Spain, Italy, the Netherlands, the UK and Turkey.
Kike Sarasola, founder and president of Room Mate Hotels, said: “Welcoming Staying Valencia into the Room Mate family marks a significant milestone in our journey. We are thrilled to add Staying Valencia to our portfolio of centrally located lifestyle hotels. Valencia’s cultural richness and the company’s hospitality philosophy perfectly aligns with Room Mate’s values. We look forward to working with the new landlords, employees, and stakeholders. Together, we are committed to setting new benchmarks in hospitality excellence.”
The deal marks the first portfolio acquisition for Room Mate, which is co-owned by private equity firms TPG Angelo Gordon and Westmont Hospitality having jointly acquired the company in 2022.
Jacopo Burgio, managing director – Europe real estate at TPG Angelo Gordon, said: “We believe Room Mate now operates from a position of financial strength with no debt and a target EBITDA of €40 million in 2025 for the combined entity. We are pleased to have helped Room Mate reestablish itself as one of the premier international hotel chains and look forward to continuing to support the company as it seeks to take advantage of exciting opportunities in the European hospitality sector and beyond.”
Westmont Hospitality added: “Room Mate is on an exciting growth trajectory, underpinned by a strong balance sheet, an institutionalised management team, and a renovated hotel portfolio. This acquisition reflects our continued commitment to support the company’s continued expansion into fast-growing hotel and tourism markets like Valencia through the addition of high-quality assets.”
Clifford Chance (legal), Perez Llorca (tax and structuring), Jones Lang LaSalle (commercial), PwC (financial) and Arcadis (technical) served as advisors to Room Mate Hotels in the transaction. JJL, led by Javier de Miguel, served as financial and legal advisor to Staying Valencia.
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