Barceló goes all out for Crestline Hotels

hoteles_argaliabogadosBarceló Hotel Group now has a 100% interest in Crestline Hotels & Resorts after acquiring AR Global’s 60 per cent share to add to its previous position of 40 per cent.

From as early as 2002 Barceló held a 100 per cent share, but in 2013 AR Global took on 60 per cent of that holding. With this latest transaction, the situation has been reversed to return the entire operation to Barceló.

Vicente Fenollar, economic and financial general director of the Barceló Group said, ‘The purchase of 60% of the capital that we did not have from Crestline is a very good operation for our Company. We have taken on the entirety of the capital of a profitable company that is also prestigious within the United States. This puts us in an unbeatable position to continue our development [in Spain].’

WHERE THEY ARE NOW

Crestline Hotels & Resorts is one of the most important hotel groups in the United States. Founded in 2000 and based in Fairfax, Virginia, it currently manages 112 hotels in 29 states encompassing more than 16,000 rooms. It manages properties under the Marriott, Hilton, Intercontinental and Hyatt brands, as well as independent hotels and conference centres throughout most of the country. Its workforce is at 5,260 employees.

Following this consolidation in the capital of Crestline, Barceló Hotel Group now operates a total of 228 establishments in 21 countries, surpassing 50,300 rooms and over 30,500 staff.

All this is happening at a time when hotels in Spain are enjoying a good moment and can be seen as a general barometer of economic growth in the country and in which foreign investors are increasingly looking at this sector for results. In 2016, the Spanish hotel investment market recorded its highest ever year on year growth.

The Barceló Group is a company of family origin with a history going back 85 years. Its activity has been and is focused on the tourist industry. It is not only one of the leading tourist companies in the Spanish market but also one of the most important in the world. The property of the group has been in the hands of the Barceló family for three generations, and it is co-chaired by Simón Barceló and Simón Pedro Barceló.

A JETSET MINDSET

In addition, Barceló Hotel Group, the Group’s hotel division, is one of the leading hotel operators in Spain and is ranked among the 44 leading hotel companies in the world. The company has hotels in Europe, the Middle East, Africa, the Caribbean, Latin America and the United States. With 98 per cent of the portfolio comprised of four and five star hotels, Barceló is committed to quality product and the high end of the market.

The group also has a travel division, with more than 650 agencies in Spain and more than 100 additional offices internationally.

Barceló Viajes – Barceló Travel – is also a high profile operator with four wholesale groups: Catai, Quelónea, Jolidey and Special Tours. Then there is its own business travel division, BCD Travel. The company even has its own airline, Evelop, which offers scheduled flights to the Caribbean and Mauritius from Europe.

In 2015 the company billed about 2.5 billion euros, which meant a double digit growth in both the hotels and travel divisions. Finally, Barceló has announced upcoming hotel openings in its domestic market of Spain. These will be in Madrid, Barcelona and Tenerife. Going internationally, there are plans for hotels in Mexico, Algeria and Berlin.

For more information, please contact corporate law firm Argali Abogados.

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