Westmont Hospitality and Grupo Lar have partnered up to develop and operate hotels in Spain, with an initial investment of €350 million over six years.
The agreement seeks to combine both companies’ strengths in development, asset management, operational experience and market knowledge. The first phase of the partnership will focus on key Spanish cities and will include 12 hotels – around 2,500 rooms – in the select service segment.
Westmont Hospitality is an owner-operator and maintains partnerships with hotel chains including Hilton, Marriott, IHG, Hyatt, Fairmont, Four Seasons, LHW and Choice Hotels. In Spain, together with Angelo Gordon, it is a shareholder in Room Mate.
The partnership marks the return of the Grupo Lar to the hotel sector, after having developed the NH Abascal in Madrid.
Hospitality Investor has approached Westmont for comment.
What they said
Miguel Angel Pena, CEO of Living de Grupo Lar said: “We are very pleased to partner with Westmont Hospitality on this ambitious project. Their experience in operational hotel management and our real estate development capacity creates an absolute synergy for this type of investment in a sector with great potential in Spain.”
Westmont added: “Partnering with Grupo Lar represents a unique opportunity to boost the select service hotel market in Spain. Together, we aim to create significant value by responding to the growing demand for high-quality select service properties across the country.”