ATREAM Acquires 216-Room Sun Palace Albir & Spa in First Spanish Hotel Deal

ATREAM has acquired the Sun Palace Albir & Spa, a 216-room four-star hotel located at Calle Hércules 1 in L'Albir on Spain's Costa Blanca, the firm announced Sept. 22. The transaction marks the first Spanish acquisition for the SCPI Atream Hôtels and expands the vehicle's geographic footprint to six countries. Pierre & Vacances will operate the property under a 15-year firm lease.

A Strategic Entry Into the Spanish Market

The Sun Palace Albir & Spa sits in L'Albir, within the municipality of L'Alfàs del Pi in the province of Alicante, a coastal leisure market positioned between Valencia and Alicante. The hotel offers 216 air-conditioned rooms with balconies across four floors, along with a restaurant, bar, rooftop bar, swimming pool, wellness area and meeting rooms. Its proximity to the town center and beach positions the property to serve both leisure and business travelers, including the international and domestic families and couples who frequent the Costa Blanca year-round.

The acquisition was structured so that ATREAM, through Atream Hôtels, acquired the real estate, while Pierre & Vacances acquired the hotel's operating business. That structure separates property ownership from hotel operations, providing the SCPI with contractual rent visibility while giving the operator control of the day-to-day platform. The 15-year firm lease with Pierre & Vacances underpins the income profile of the asset.

A €2.7 million renovation program is planned to improve guest facilities and reposition the hotel. Pierre & Vacances now operates six establishments along the coast between Valencia and Alicante, giving it an established operating presence and local market knowledge in the region.

Portfolio Grows to 24 Assets Across Six Countries

The Spanish deal follows two other 2026 acquisitions: a hotel in Verona, Italy, acquired for approximately €8.5 million, and a renovated hotel in Berlin, Germany, representing an investment volume of more than €17.3 million. Both were secured by long-term leases. With the L'Albir transaction, Atream Hôtels now holds 24 assets plus one additional participation, and is present in France, Germany, Belgium, the Netherlands, Italy and Spain.

Before the Spanish acquisition, the SCPI reported approximately 2,651 rooms across 23 hotel assets, with an average firm remaining lease term of 11.8 years. Financial, physical and rent-collection occupancy were each reported at 100% in the second quarter of 2026. The vehicle's capitalization stood at approximately €329.8 million at the end of June 2026. The SCPI's 2025 distribution rate was 5.05%.

Grégory Soppelsa, Executive President and co-founder of Atream, said the investment reflects a strategy built on sourcing hotel assets in prime European tourism markets and leasing them on a long-term basis to established operators. "With this first presence in Spain, we sought to combine asset quality, partner quality, deal structure intelligence and value-creation potential," Soppelsa said.

Mathilde Krieger, Deputy Managing Director in charge of retail funds, added that the transaction confirms the SCPI's investment momentum. "This third acquisition in a few months confirms Atream Hôtels' investment dynamic and its ability to efficiently deploy its fundraising in the service of its shareholders," Krieger said. "This transaction marks a new step for the SCPI, which is actively continuing its pan-European development and opens a sixth country, Spain, a major destination in world tourism."

Spanish Hotel Market Context

The acquisition comes during a period of elevated activity in the Spanish hotel investment market. Spain recorded approximately €4.2 billion of hotel transactions in 2025, its second-highest annual result on record. In the first half of 2026, more than €2 billion of hotel assets changed hands, involving roughly 80 properties and approximately 9,000 rooms, the strongest first-half performance on record.

Operating fundamentals have also remained supportive. In Spain during the second quarter of 2026, average daily rate reached €122.22, revenue per available room was €80.96, and average occupancy was approximately 66%. Both ADR and RevPAR were up 4% year over year. In the first quarter, ADR was €116.73, RevPAR was €71.49 and occupancy was approximately 62%.

Spain generated approximately €135 billion in international tourism receipts in 2025, making it the top European market by that measure, according to Spain's Instituto Nacional de Estadística.

Advisers

Atream Hôtels was advised on the transaction by Colliers, CMS (Javier Colino) and CBRE's technical teams.