AREA Property Partners, the pan-European real estate investment and fund management group, were astonished by the inaccuracy of the information concerning their two Barcelona hotels that appeared in the 4th September edition of La Vanguardia, under the by-line of Rosa Salvador, and was expanded in the 5th and 7th September editions AREA would like to clarify the following:
• The two hotels, Gran Hotel La Florida and Hotel Miramar in Barcelona, have not been ‘embargoed’ and have not been seized by Aareal Bank, our bank.
• AREA Property Partners has not liquidated their Spanish subsidiary, it has only closed down one operating entity that employed only one person.
• It is completely untrue to say that both hotels have been without management since January. On the contrary, both hotels have been under the daily management of a General Manager as well as Hamilton Hotel Partners acting as owner representative on behalf of AREA Property Partners.
• AREA Property Partners has not been trying to sell the two hotels for the past 12 months and consequently has not sought offers for either of the hotels.
• The two hotels continue to trade with the full support of AREA Property Partners.
• AREA Property Partners is in constructive talks with Aareal Bank.
The above statement was received by SpanishNews.es directly from AREA Property Partners in response to the recent article on the two hotels.
AREA Property Partners (AREA), formerly Apollo Real Estate Advisors, is an international real estate fund manager which has acquired in excess of $30 billion of assets in more than 450 transactions. Co-founded and led by William Mack, AREA serves as the general partner of a series of real estate investment funds totalling over $11.6 billion of equity across nineteen funds and a number of institutional joint ventures.