Spanish hotel chain Meliá Hotels International has acquired Hotel Barcelona Apolo from global alternative investment firm Värde Partners in $113m (€96m) deal.

Värde accepted the offer from Meliá in an open bidding process that involved participation of more than 20 institutional investors.

Located in Barcelona, the four-star hotel was constructed in 1993 and features 314 rooms. It also has conference facilities that have capacity for up to approximately 800 people.

Hotel Barcelona Apolo is spread across 17,000m2 area and is located close to a number of major tourist attractions and cultural landmarks.

Värde managing director Héctor Serrat said: “The timing of the sale reflects our conviction in the underlying quality of the hotel, and the enduring appeal of Barcelona as a destination for international capital.

“There was strong demand for the asset demonstrating the attractive dynamics that underpin the Spanish hospitality sector, and its ability to thrive as lockdown restrictions ease.”

The company acquired the hotel in 2015 and has since implemented various initiatives such as refinancing and investment programme to attract international tourists and corporate events.

Värde executed the divesture through its Spanish real estate firm Dospuntos Asset Management.

Dospuntos Asset Management director general Alfredo Laffitte said: “Since acquiring the property we have made a series of improvements to the hotel, helping to drive revenue growth and enhance performance.

“This deal highlights the continued strength of the Spanish hospitality industry, and we look forward to watching the hotel’s sustained success in the future.”

Earlier this month, Meliá announced collaboration with hotel company Zeus Hotels Greece to open two hotels in Crete and one in Rhodes.