Brookfield Asset Management’s transformation of a central Barcelona hotel is a winning example of disciplined strategy, decisive execution, and collaborative asset management.
In July 2021 Brookfield acquired four Spanish hotels for €440m that were part of the Selenta Group portfolio including Hotel Expo Barcelona, a 414-key hotel built in the 1970s next to Barcelona’s main train station.
Opportunity
“We liked this opportunity because it was an under-capitalised asset that presented a clear opportunity to unlock value through a comprehensive refurbishment and by partnering with an international brand,” said Elena Ladisova, vice president at Brookfield Asset Management.
That opportunity ultimately led the project to win the 2026 HAMA Europe Asset Management Achievement Award. On receiving the award, Ladisova thanked the HAMA board and the co-sponsors HotStats and Questex Hospitality.
Underlining the deeply collaborative nature of the Moxy Barcelona project, she singled out Selenta Group, who continue to manage the hotel, for special thanks: “More than anything, I want to thank the Selenta management team for their hard work and dedication to making this asset such a success.”
The business plan consisted of repositioning the asset as a lifestyle upper midscale hotel, introducing an international brand to drive awareness and top line performance, improving guest satisfaction scores, as well as decarbonising the building, improving energy efficiencies, and achieving a BREEAM ‘very good’ rating.
Transformation
Having identified Marriott International’s Moxy as the most suitable brand to go with, the €28m refurbishment programme included guest rooms, public spaces, reconfiguration of MICE spaces, the creation of a rooftop bar and a gym, and a full overhaul of the mechanical, electrical and plumbing system including HVAC, plus the installation of a new building management system and solar panels.
Two areas proved particularly transformative: the MICE floor and the rooftop. Ladisova explained that the lobby, restaurant and MICE spaces are all located on the third floor: “The building here doesn’t have very generous ceiling heights, so to avoid these dark spaces and the feeling of being boxed in, we removed the ceilings to expose some of the MEP work but gain some height, and installed floor-to-ceiling glass windows and doors across the perimeter to let in light and create a feeling of spaciousness.”
With its panoramic city views, the hotel’s large rooftop offered significant untapped potential, especially given Barcelona’s low number of rooftop destinations.
“Originally, we only had one bar with capacity limited to 114 people at any one time, which meant it never felt full or as vibrant as it could be,” she explained. “So we converted some storage spaces into an indoor bar, thus extending the operating season to shoulder months and winter months. And by creating a second bar, we were able to cater to several groups at the same time, to really optimise the amount of revenue we could generate from this space.”
To drive local demand, Brookfield appointed the Barcelona-based F&B operator Grup Confiteria: “These guys know Barcelona well and they operate several bars and restaurants around the city and we partnered with them to create a more clearly defined rooftop bar concept.”
The rooftop venue opened in the summer of 2025 with a full programme of events: “In addition to driving local demand, which makes it attractive for the hotel guests too, because of its size, it’s also a great value-add for the meetings and events business.”
Strong results
The success of the F&B outlets has contributed to strong overall results for the hotel, with RevPAR up by 40 percent since acquisition, GOP up by 70 percent, and guest satisfaction up from 7.2 percent to 8.3 percent as of March 2026.
The comprehensive refurbishment has led to Spain’s first ever Moxy becoming a major lifestyle player in Barcelona. The asset achieved close to 80% occupancy in its first full year after refurbishment.
Another key metric is the hotel’s value, said Ladisova, and the most recent valuation carried out for Brookfield’s refinancing purposes revealed the hotel has tripled in value since acquisition.
Ladisova acknowledged that such outcomes are not wholly down to the activities of the Brookfield and Selenta teams but also underpinned by an exceptionally strong time for the Barcelona hotel market.
Moving on to look at the ESG aspects of the refurbishment, Ladisova said improved insulation and the installation of solar panels had resulted in a 70 percent reduction in emissions and a 70 percent reduction in energy consumption. The energy performance certificate (EPC) for the building has passed from C to A and the goal of achieving a ‘very good’ BREEAM rating has been met.
She added: “There's also a clear financial benefit from implementing these measures. We received a municipal grant for improving energy efficiency, as well as about €260,000 of annual savings on utility costs. “
Harriet Durbin, the chair of the HAMA Awards committee, said: “Brookfield’s Moxy Barcelona project is an excellent example of asset managers taking a holistic approach to value creation with their asset management plan, then working diligently to fully implement their strategies to achieve exceptional results”.
In conclusion, Ladisova commented: “This was a clear example of the teamwork between the Brookfield and Selenta teams, who have worked tirelessly on coming up with a plan together, executing it, but also finding ways to improve it along the way when things weren't going quite right. So, I really thank all the teams who were involved in this.”
All quotes taken from the HAMA Europe Asset Management Achievement Award 2026 held in Berlin during IHIF EMEA.