Hotel chain Hoteles Catalonia has is expanding its hotel portfolio following a €24m (Pts4bn) investment.
The deal includes the 85-bedroom four-star Conde de Floridablanca hotel in Murcia, as well as three other properties earmarked for hotel conversions.
The group, owned by the Vallet family, will transform a small palace in Madrid into a luxury 100-bedroom hotel, while a building near the Basilica del Pilar in Zaragoza is set to become an 80-bedroom hotel. The third property is a building beside the Hotel Aragon, which will allow Catalonia to add another 20 rooms onto the existing establishment.
The group reported a 71% increase in 1998 on the previous year, having generated a total of €108m (Pts18bn) in revenue and €18m (Pts53.9bn) in net profit.
Expansion, 03 February 2000, page 4
