Three Spanish hotels have been acquired by investment group Extendam, after a repositioning to IHG brands.
The hotels, in Madrid and Barcelona, total 543 rooms, and were bought from Eurazeo. Crowne Plaza Madrid Centre Retiro, Voco Madrid Retiro and Hotel Indigo Barcelona Plaza Espana join a portfolio that as a result grows to 35 Spanish hotels, all under the ownership of Extendam.
Valuable Assets in Constrained Markets
For the buyer, one of the key attractions of hotels in Spanish cities such as Barcelona and Madrid, is the lack of new supply. In Barcelona, the mayor is specifically restricting the construction of any new hotels in the city’s central area. As a result, existing properties can be expected to perform strongly over the medium term.
For seller Eurazeo, the sale of the hotels marks the end of an investment cycle that started in 2022, when it acquired FST Hotels. That saw Eurazeo take over five Spanish hotels, with around 800 rooms in total, all trading under the Ayre brand.
All five hotels were then refreshed and rebranded under IHG brand flags. Two of the properties, Hotel Indigo Bordeaux and Hotel Indigo Florence, were sold individually. The remaining three, which all reopened under their new flags in April 2024, are now in the hands of Extendam.
The deal is one of several completed by Extendam during the middle of 2026. In June, the company sold the 1932 Hotel & Spa Cap d’Antibes, part of Accor’s MGallery Collection. The company bought the asset in 2021, before refurbishing and repositioning it. Extendam has also bought the Radisson Blu Zaffron Resort in Santorini, and joined a partnership to acquire the Hilton Garden Inn Rome Claridge. A comprehensive rolling refurbishment is planned for the 93 room hotel, starting in 2027.
Extendam continues to support new build, repositioning and refurbishment projects across key European markets. In France, it is planning a 209 room TRIBE hotel in Paris. In Portugal, it is backing the refurbishment of the former Hotel Infante Sagres in Porto, which will open at the end of 2026 as Experimental Porto. And in Brussels, a refurbishment is planned at the 107 room Le Chatelain Brussels Yalo Hotel. A reopening is scheduled for the second quarter of 2027.
Innovative Projects Across Europe
In Italy, Extendam is involved in several projects, including a new Mama Shelter hotel in Lake Como, due to open later in 2026. It is backing an office conversion in Seville to create DoubleTree by Hilton Nervion; and in Benidorm, a rebranding is underway to reimagine the Calas Marina hotel, which will relaunch as the 131 room Ibis Styles Benidorm.
Eurazeo, which invests widely across many sectors, continues to see opportunities in hospitality. Earlier in 2026, via its EZORE fund, it acquired a majority stake in Babylon, a French aparthotel operator. Babylon has around 400 beds currently, with a similar number in its pipeline. With Eurazeo’s backing, it is targeting growth to triple in size by 2030.
