ASG Signs Hard Rock International for €200 Million Seafront Hotel Development in Barcelona
ASG has acquired and will develop the last seafront plot zoned for a hotel in metropolitan Barcelona
ASG’s partnership with Hard Rock International follows an agreement on a hotel in Madrid’s Museum district
The fourth project in ASG’s Spanish hotels strategy
Barcelona, May 14th, 2019 – ASG, which targets special opportunities in Spanish and German real estate, has signed Hard Rock International to operate a new luxury hotel that it will build on the last available seafront plot in metropolitan Barcelona.
The investment of more than €200 million includes the acquisition of the site beside the Fòrum beach and marina in Sant Adrià del Besòs, which is connected by subway and tram to Barcelona’s city center. Construction of the 504-room hotel is scheduled to start in the second half of 2019 for an opening in early 2022. Hard Rock International will operate the hotel under a long-term management agreement.
Saul Goldstein, ASG’s Founder and Managing Partner, said: “This signature investment, to be operated by such a renowned hospitality brand, amps up our hotels strategy in Spain. It’s involved almost two years of work to secure the site, get zoning and work up a design for a hotel that works for the municipality and Hard Rock International. This project was only possible because ASG has an on-the-ground team with the right contacts, experience and expertise.”
The 31,000 square meter Hard Rock Hotel Barcelona is part of a broader strategy of developing hotels in major tourist and business travel destinations in Spain where the offering has not kept pace with strong visitor growth.
It follows ASG’s announcement in February that it signed Hampton by Hilton under a franchise for a hotel in southwest Barcelona and October’s agreement with Hard Rock International for a hotel in Madrid’s Museum District. The fourth investment in the strategy concerns the comprehensive repositioning of a hotel in Málaga’s historic center.
Hard Rock Hotel Barcelona will provide more than 2,000 sq.m. specifically for business meetings and events. Each guest room will have private, ocean-facing balconies, while the rooftop terrace will feature a swimming pool and bar.
“We are excited to be working with ASG once again on our second joint project in Spain,” comments Todd Hricko, Senior Vice President and Head of Global Hotel Development at Hard Rock International. “Hard Rock Hotel Barcelona will set the bar for a new level of hospitality, dining and entertainment amongst the buzzing Barcelona hotel scene, bringing the brand’s signature music-inspired flair to this vibrant ocean-front location.”
Hard Rock Hotel Barcelona is an investment by ASG’s fifth real estate fund, which has committed 85% of the €489 million of equity raised by its final close in January 2018.