Starwood Capital Group and Melia JV Acquire Spanish Resorts Portfolio at €176 Million

Starwood Capital Group and Spanish hotel operator Melia Hotels International announced yesterday that they have established a joint venture that has agreed to acquire a collection of hotels across key
resort locations in Spain.
The initial portfolio for the joint venture consists of seven well-established beachfront hotels representing 2,933 keys that are currently owned by Melia Hotels International and will continue to be managed by Melia upon completion of the transaction. The properties will be acquired by the joint venture in a transaction valued at €176 million ($198 million), subject to the approval of the European Union Merger Control Office.
source:http://www.hotelnewsresource.com/article82367.html