France-based investment company Continental Property has bought the Hilton Valencia, Spain, for an undisclosed price.

The 269-room hotel was built in 2007 for €110m ($150m) and offers panoramic views of the city of Valencia.

Following the acquisition, Continental Property Investment will lease the hotel for a minimum of ten years to Spain-based Sol Melia.

The hotel, previously managed by Hilton, will be rebranded as the Melia Valencia Palacio de Congresos and is scheduled to open in February 2011.

The hotel features 2,000m² of meeting space comprising 18 event rooms, as well as two restaurants, a spa, a swimming pool and gym.