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Dossier Hotel Development

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Property Description

Barcelona’s largely experienced developer (www.actualadv.
com) aims to develop a 336-key, “H2”-branded hotel in Plaça Europa, new business and commercial
district in Barcelona-Hospitalet de Llobregat.

Hotel Project
Since February 2019, Actual BCN has been developing the Hotel project together with RIBAS & RIBAS
Architects (www.ribas-aquitectos.com) on the basis of an exclusive agreement with the plot owner (“Owner”).
Please refer to section “Project” for more details of the Hotel project.

Agreements with current Owner
On July 30th of this the year, Actual BCN signed a PSPA with the Owner for the acquisition of the land, with
the following conditions precedent for entering into the definitive SPA (“Closing”):
1. Clearance of all previous planning approvals.
2. Granting of the construction permit.

It has also been agreed that both conditions shall be met within a maximum of three years from the date of
Closing, although we may reasonably expect them to be fulfilled within no more than two years.

Forward sale and funding
We seek an agreement with a final investor (“Investor”) whereby Actual BCN commits to develop and deliver
the Hotel on a turn-key basis and for a guaranteed maximum price and Investor purchases the land and
finances the development through a forward funding structure.

The investor shall commit to purchase the Hotel and retain Actual BCN as the Hotel developer under the same
conditions precedent as agreed with the current Owner. Because of this, the investor will make no financial effort
until the construction permit has been obtained and construction is about to start.

The purchase price of the Hotel shall result from the capitalization of the Hotel rent at a yield to be agreed
(“Purchase Price”). The Purchase Price shall be paid as follows:
a) the purchase price for the land and any already incurred development & construction costs and expenses
upon closing of the purchase of the plot.
b) Remaining part of the Purchase Price throughout the construction period (pursuant to work certifications)

ZONING INFORMATION
According to the General Zoning Resolution for the Metropolitan Area of Barcelona (“PGM” for its acronym in Spanish), the zoning lots to be developed are classified as Consolidated Urban Land (“SUC” for its acronym in Spanish) and originally had a “22a1” zoning designation (Preferred Industrial Use). The general zoning for these lots has been modified, though, by means of the Zoning Resolution for the “Sector Granvia Sud” Special Zoning District, as last amended on July 14th, 2011, which extends the Permitted Uses to any of the following: Industrial, Commercial and Offices

Due to the high demand for Hotel use in the area, the Hospitalet de Llobregat City Council initially approved, on November 27th, 2018, a partial amendment to the PGM, which purports to allow hotel use in certain industrial areas within the Hospitalet de Llobregat municipality, including several blocks to the South of Gran Via and close to the “Gran Via” Fira (Convention Center) location. Final approval of this zoning amendment is expected to be granted within the upcoming months and, then, hotel use for the zoning lots to be developed can be applied for as-of-right, subject only to an overall ceiling of 45,000 m2 of GFA for new hotel developments in the industrial areas rezoned under the zoning amendment.

Given that the zoning lots for the proposed hotel development have immediate Gran Via frontage, they will enjoy the most beneficial height restrictions within the rezoned industrial area, namely a floor count of GF + 12, and a maximum height of 50,50 m. The maximum zoning GFA for the two zoning lots is expected to be 10,648.88 m2, on the basis of a lot area of 6,655.55 m2 and a FAR of 1.6.

LOCATION
The plots are located in the PLAÇA D’EUROPA sector in Hospitalet de Llobregat, just 8 km from the
center of Barcelona.

Hospitalet is the second-largest municipality in Catalonia in terms of population. It is one of the
municipalities with the highest population densities in Spain.

Plaça d’Europa
The Plaça d’Europa area in L’Hospitalet de Llobregat is the new economic district of the city of Barcelona, one
of the areas of greatest development, which combines avant-garde aesthetics and contemporary architecture
with high-level exhibitors. It is strategically located next to the southern entrance of Barcelona and on the Gran
Via, which is the main avenue of the municipality of L’Hospitalet de Llobregat and which connects the airport
with Barcelona and the “Gran Via” venue of the Fira (Convention Center).

Location
Address: Av. de la Granvia de L’Hospitalet, 155 – Carrer de Miguel Hernández, 89

Plaça d’Europa is the entrance to the “Gran Via” venue of the Fira, one of the most important trade fair facilities in Europe, as well as to the “Gran Via 2” shopping center. In addition, it is worth highlighting its proximity to the industrial and business area of the Zona Franca, the City of Justice, the Institut Català d’Oncologia (ICO), the Bellvitge Hospital and the “Montjuïc” venue of the Fira, among others.

SURROUNDINGS
3.2
The plots are within walking distance of Plaça d’Europa, the “Gran Via 2”
shopping center and the “Gran Via” venue of the Fira. Access to the City of
Justice, the “Montjuïc” venue of the Fira, the central “Sants” train station, the
Bellvitge Hospital and the airport is fast and easy by both public and private
transport. Its location directly on Gran Via allows access to the center of the
Catalan capital in just 10 minutes by car.

“Gran Via” Fira Venue
It is one of the largest and most modern trade fair
venues in Europe, designed by the Japanese architect
Toyo Ito. Its eight exhibition halls, connected by a
footbridge that channels the circulation of visitors, have
the most advanced technical and logistical services.

City of Justice
It is one of the largest and most modern trade fair
venues in Europe, designed by the Japanese architect
Toyo Ito. Its eight exhibition halls, connected by a
footbridge that channels the circulation of visitors, have
the most advanced technical and logistical services.
City of Justice is the largest and most complex project
in the Judicial Infrastructure Plan carried out by the
Department of Justice. It symbolizes the Government’s
desire to bring justice closer to citizens, modernizing it
and making it more convenient and accessible.

The “Gran Via 2” shopping center has 54,600 m²,
200 shops on three levels, several cinemas and a car
parking area with capacity for 3,200 vehicles.

Gran Via 2 Shopping Center
The Bellvitge University Hospital is one of the 5 hospitals
in Catalonia accredited as a “level 3” hospital (i.e.
the most sophisticated). It is a center of reference
across Europe for transplants, diagnostic imaging,
cardiac, digestive and thoracic surgery, neurosurgery,
ophthalmology and psychiatry.

“Gran Via” Fira (Convention Center) Venue

The Gran Via and Montjuïc fairgrounds will undergo an extensive expansion and remodelling
process.

Over the next few years, both of the Fira de Barcelona’s venues, “Gran Via” and “Montjuïc”,
will undergo a significant expansion and renovation process in order to reinforce the
institution’s leadership in the trade fair and congress sector, to increase its international
competitiveness and to contribute to the territory’s economic and business activity. This major
trade fair infrastructure project is valued at 380 million euros and has the support of all major
Catalan institutions.

More exhibition area at Gran Via

With regard to the Gran Via site, designed by Japanese architect Toyo Ito, which currently has
a gross exhibition area of 240,000 m2, it will be expanded to provide the institution’s own
and external fairs with growth potential, competing with the most important global exhibition
facilities, attracting major events and holding several events at the same time.
Its expansion will take place on 40,000 m2 of land located on the block lying between Joan
Carles I Avenue, Ciències Street, Salvador Espriu Street and José Agustín Goytisolo Street in
L’Hospitalet de Llobregat, where there are currently two buildings and some unoccupied land.

This area will witness the construction of a two-storey building 60,000 m2 in size, in addition
to premises for offices and services set aside for trade fair uses, which will be linked to the
site’s Hall 1 and Europa Pavilion by means of an overpass, extending the walkway connecting
all the pavilions.

Through this major step, the gross exhibition area of the Gran Via site will be increased
to 300,000 m2 and the facilities will become some of the most important in the world in
terms of their space and their outstanding functionality, technology, quality, innovation and
sustainability. The enlargement is expected to be completed by 2024.

Basic Details
Property Type : New Development
Listing Type : For Sale
Listing ID : 1031
Price : $115,646,135
View : Street
Bedrooms : 0
Bathrooms : 0
Half Bathrooms : 0
Square Footage : 0 Sqft
Year Built : 0
Lot Area : 0 Sqft
Country : All International Listings
New Development For Sale
  • Listing ID : 1031
  • Bedrooms : 0
  • Bathrooms : 0
  • Square Footage : 0 Sqft
$115,646,135
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Guiddalia Emillen
Guiddalia Emillen
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