Corporate movements in the Spanish hotel business hit the accelerator in the second half of the year. One of the next operations to go on the market will come from the Only You Hotels chain, which plans to find a partner to continue developing its growth in the coming months, as different financial sources have explained to elEconomista . This group, which has two hotels in Madrid and plans to open another three in the Valencian Community and Andalusia, is participated by El Corte Inglés and Palladium.
Specifically, as recorded in the Mercantile Registry, the shareholding of Only You Hotels is divided 50% between Parinver (investment arm of the department store group) and the other 50% with Fiesta Hotels & Resorts (controlled by the Matutes family), which in turn is the owner of the Ayre urban hotel chain. In fact, according to the same sources, the approach of the owners of Only You would be to put this operation on the market once the sale of the Ayre hotels, which is in an advanced stage, has been completed.
This spring, El Corte Inglés and the Matutes family launched a process to sell 100% of this chain of urban hotels , made up of eight establishments spread over different Spanish regions. The time to exit this business is not accidental, as many investors are looking for opportunities in the hotel world after the coronavirus pandemic, waiting for the market to rebound in the coming months.
The entry of a new partner in Only You Hotels would provide the chain with new financial resources with which to expand its business to other cities. This brand was born in 2018 as a result of the split with the other group company, FST Hotels, the parent company of the Ayre chain. Unlike this, Only You is characterized by focusing on another segment more oriented to luxury.
Impact of the pandemic
Both hotel chains suffered severely from the coronavirus pandemic and restrictions on tourism last year, adding together losses of 11 million euros. Specifically, Only You Hotels registered red numbers of 5.1 million at the end of the 2020 financial year, compared to the profit of 5.8 million achieved in 2019. In terms of income, the hotel company had a turnover of 9.4 million, 72% less than in the previous year.
This collapse of the business has been the general trend of the hotel sector in the last year and a half, which tries to find new alternative ways of liquidity to survive or continue growing, while the advance of vaccination makes them confident in the recovery of the sector. Market experts consulted by this newspaper indicate that in the coming months there will be numerous consolidation movements in this industry.