French investment firm AXA IM Alts has purchased the five-star Hotel Sofia in Barcelona from the Spanish hospitality platform Selenta Group.

The purchase was made jointly with AXA IM’s Spanish-based operating partner Blasson Property Investments.

AXA IM will initiate a repositioning programme which aims to enhance the hotel’s amenities, specifications and sustainability credentials. Following this, Hotel Sofia will be operated by the global hospitality group Hyatt International.

The acquisition reportedly brings the total hotel portfolio AXA IM manages on behalf of clients to more than 13,000 rooms across 60 hotels in 13 countries with a combined value of over €4bn ($4.39bn).

The 19-storey Hotel Sofia is located in the Les Corts business district of Barcelona. The property dates back to 1974 but underwent renovations between 2016-2019 and now features 465 rooms, a rooftop bar and restaurant, as well as two swimming pools.

AXA IM Alts head of real estate transactions and development Esther Escapa commented: “With the delivery of new hotels in Barcelona constrained, yet year-round demand for hospitality in the dynamic city continuing in an upward trajectory, this acquisition represents an opportunity to leverage AXA IM Alts’ asset management expertise to upgrade a high-quality asset and capitalise on favourable market demographics.”

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April also saw the opening of the first INNSiDE hotel in Barcelona. INNSiDE is an International brand by the Spanish hotel chain Meliá Hotels.