Lifestyle hotel brand and lease management company Room Mate Hospitality & Leisure has purchased Staying Valencia, a portfolio of boutique hotels and aparthotels in Valencia.
The Staying Valencia portfolio comprises 10 boutique hotels and aparthotels in Valencia, properties which Room Mate plans to rebrand and integrate into its family of lifestyle hotels.
Since its 2022 acquisition by TPG Angelo and Westmont Hospitality, Room Mate has worked to improve upon and expand its portfolio through a program of capital expenditures into several hotels as well as through acquisitions, new leases and hotel management agreements.
Room Mate Hotels’ acquisition of Staying Valencia follows its recent acquisition of The Lime Tree Hotel in Belgravia, London in late 2023 as well as its recent opening of the Palazzo Dei Fiori by Room Mate in Venice. The company is also preparing to launch its luxury-focused “Room Mate Collection” brand.
With this transaction, Room Mate Hotels will operate 32 properties across Spain, Italy, the Netherlands, the UK and Turkey.
Clifford Chance, Perez Llorca, Jones Lang LaSalle, PwC and Arcadis 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.
What they said
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 institutionalized 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.”
Kike Sarasola, founder & president of Room Mate Hotels added: “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. We look forward to working with the new landlords, employees, and stakeholders. Together, we are committed to setting new benchmarks in hospitality excellence.”