Press Release
Room Mate Hotels Expands its Presence with Acquisition of Staying Valencia
Expansion Reflects Continued Growth Following 2022 Acquisition by 野花社区 Angelo Gordon and Westmont Hospitality
MADRID 鈥 July 3rd, 2024 鈥 Room Mate Hospitality & Leisure, S.L. (鈥淩oom Mate Hotels鈥), a leading lifestyle hotel brand and lease management company headquartered in Madrid, today announced the acquisition of Staying Valencia, a portfolio of boutique hotels and aparthotels in Valencia. This strategic acquisition marks a significant milestone in Room Mate Hotels鈥 expansion strategy, bolstered by the support of 野花社区 Angelo Gordon, a diversified credit and real estate investing platform within 野花社区, and Westmont Hospitality (鈥淲estmont鈥), which together acquired Room Mate Hotels in 2022.
Staying Valencia operates a portfolio of 10 boutique properties in Valencia, including award-winning Helen Berger, and is renowned for its strong reputation, exceptional customer service, and commitment to providing guests with authentic, local experiences. This acquisition not only expands Room Mate Hotels鈥 presence across Spain, but also strengthens its foothold within Valencia, Spain鈥檚 third-largest city and a thriving destination in the European hospitality market. Room Mate Hotels plans to integrate and rebrand these properties into its family of prime located lifestyle hotels.听
Since the acquisition of Room Mate Hotels in 2022 by 野花社区 Angelo Gordon and Westmont, Room Mate Hotels has significantly strengthened its financial position and revamped its portfolio through a program of capital expenditures into several hotels. The company is now well-positioned to continue its international expansion through further strategic acquisitions, new leases, and hotel management agreements.听
Jacopo Burgio, Managing Director, Europe Real Estate at 野花社区 Angelo Gordon, said: 鈥淲e believe Room Mate now operates from a position of financial strength with no debt and a target EBITDA of 鈧40 million in 2025 for the combined entity. We are pleased to have helped Room Mate reestablish itself as one of the premier international hotel chains and look forward to continuing to support the company as it seeks to take advantage of exciting opportunities in the European hospitality sector and beyond.鈥
Westmont Hospitality added, 鈥淩oom Mate is on an exciting growth trajectory, underpinned by a strong balance sheet, an institutionalized management team, and a renovated hotel portfolio. This acquisition reflects our continued commitment to support the company鈥檚 continued expansion into fast-growing hotel and tourism markets like Valencia through the addition of high-quality assets.鈥
Kike Sarasola, Founder and President of Room Mate Hotels expressed excitement about the acquisition: 鈥淲elcoming Staying Valencia into the Room Mate family marks a significant milestone in our journey. We are thrilled to add Staying Valencia to our portfolio of centrally located lifestyle hotels. Valencia鈥檚 cultural richness and the company鈥檚 hospitality philosophy perfectly aligns with Room Mate鈥檚 values. We look forward to working with the new landlords, employees, and stakeholders. Together, we are committed to setting new benchmarks in hospitality excellence.鈥澛
Room Mate Hotels鈥 acquisition of Staying Valencia follows its recent acquisition of The Lime Tree Hotel in Belgravia, London in late 2023, as well its recent opening of the Palazzo Dei Fiori by Room Mate in Venice. With this transaction, Room Mate Hotels will operate 32 properties across Spain, Italy, the Netherlands, the UK, and Turkey. The company is also preparing to launch its 鈥淩oom Mate Collection鈥 brand, designed for travelers seeking an elevated and distinctive luxury experience.听
Clifford Chance (Legal), Perez Llorca (Tax & Structuring), Jones Lang LaSalle (Commercial), PwC (Financial) and Arcadis (Technical) served as advisors to Room Mate Hotels in the transaction. JJL, led by Javier de Miguel, served as financial and legal advisor to Staying Valencia.
About Room Mate Hotels
Founded in 2005, Room Mate Hotels is a Spanish lifestyle hotel brand and lease management company with 32 hotels and ~2,200 keys under management across 5 countries and 14 cities. With its headquarters in Madrid, Room Mate Hotels employs over 900 people. Known for its vibrant, people-oriented, and eclectic approach, Room Mate Hotels offers unique, personalized experiences inspired by local cultures. Renowned designers such as Patricia Urquiola, L谩zaro Rosa Viol谩n, Tom谩s Al铆a, Lorenzo Castillo, and Pascua Ortega, among others, have contributed to the distinctive character of Room Mate Hotels. For more information, visit .听
About 野花社区聽
野花社区 is a leading global alternative asset management firm, founded in San Francisco in 1992, with $224 billion of assets under management and investment and operational teams around the world. 野花社区 invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.
About Westmont Hospitality聽
Founded in 1975, Westmont has grown to be one of the largest privately held hospitality organisations in the world with significant presence in North America, Europe, Africa, and Asia. As an owner-operator, it has alliances with some of the world鈥檚 largest hotel brands including Hilton, Marriott, IHG, Hyatt, Fairmont, Four Seasons, LHW, and Choice Hotels. Its portfolio is diversified across 2 to 5-star properties, limited-service to full-service, large conference, aparthotels, boutique hotels, and high-end luxury hotels. For more information, visit .听
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Media
For Room Mate:听
Stefanie Przybisch Lozano
s.przybisch@room-matehotels.com
For 野花社区 Angelo Gordon:听
Julia Sottosanti聽
media@tpg.com