Victoria Hotels & Resorts, the alternative investment vehicle promoted by Bankinter Investment, GMA, and Meliá Hotels International (MHI), has completed the divestment of two of its flagship assets: the Innside Zaragoza Hotel, acquired by a private investor, and the Innside Palma Bosque Hotel, purchased by the joint venture created between Meliá and an institutional investor.
Both transactions stem from call options granted to MHI at the time the vehicle was established in June 2021, as part of an investment strategy combining profitability, professional management, and high specialization in hotel assets.
Capital Gains and Profitability
The divestment of these two assets has generated significant capital gains for the alternative investment vehicle and its investors. The execution of the call options for the Innside Zaragoza Hotel and for Lierinto, the company owning the Innside Palma Bosque Hotel, has been completed for a total asset value of €74 million, resulting in a capital gain of €36 million (95%). The combined internal rate of return (IRR) exceeds 25% unleveraged at the asset level for the Victoria Hotels & Resorts vehicle, compared to a 9% leveraged return target for investors.
Active Management, Repositioning, and Investor Success
Since its inception, Victoria Hotels & Resorts has deployed an active asset management strategy, led by GMA as a specialized manager and with Meliá as hotel operator. Over this period, more than €125 million has been invested in the full renovation of the assets, with the aim of repositioning them in the market, maximizing their value, and adapting them to evolving business trends.
The Innside Zaragoza Hotel, with 102 rooms, a rooftop infinity pool, and multifunctional spaces, has established itself as a lifestyle benchmark in the urban center.
The Innside Palma Bosque, with 262 rooms and a strategic location next to the marina, has been modernized to cater to the profile of urban and business travelers.
A Portfolio with Upside and Revaluation Potential
Currently, Victoria Hotels & Resorts holds a portfolio of six hotels located in key destinations within the Spanish leisure market: Gran Meliá Victoria (Mallorca), Paradisus Gran Canaria (Gran Canaria), Meliá Granada (Granada), Villa Le Blanc Gran Meliá (Menorca), Paradisus Las Salinas (Lanzarote), and Meliá Zahara Resort & Villas (Cádiz).
As the manager of the vehicle, GMA reaffirms its leadership in the transformation and value enhancement of hotel assets, executing an investor-oriented strategy that combines market analysis with operational expertise.
About Bankinter Investment
Over the past seven years, Bankinter Investment has successfully launched 28 alternative investment vehicles, with committed capital from investors exceeding €5.1 billion. Including project financing, this currently translates into more than €7.4 billion in assets under management.
Bankinter Investment has become a benchmark in Spain and Portugal for alternative investment vehicles. Its initiatives have enabled more than 14,700 Spanish and Portuguese investors to co-invest with Bankinter Investment and its partners, promoting long-term financial savings, diversification in real assets, optimized risk-return profiles, and sustainable value creation for society.
In managing assets, Bankinter Investment has consistently followed a model of exclusive partnerships with expert operators in each investment segment — such as renewable energy, sustainability, student housing, hospitality, logistics real estate, infrastructure, technology, retail, residential, and private equity. At the end of 2022, and under the new regulatory framework established by Law 18/2022, Bankinter Investment SGEIC was created as a Bankinter Group entity specialized in managing alternative assets.
About GMA
GMA is an independent, capital-backed company specializing in real estate investments with a focus on hotel assets. It is involved in investment, asset management, and real estate project development. GMA has a professional team with over 30 years of experience in both domestic and international markets.
The company has managed investments for both its own capital and third parties, taking on various roles depending on the type of company and project. These roles include opportunity identification, fund structuring, acquisitions and sales, management, co-investment, development, operations, and asset divestment.
In recent years, it has participated in over 500 transactions and projects valued at more than €5 billion. Currently, it manages more than €1.5 billion in assets across all the companies in which it participates.
About Meliá Hotels International
Founded in 1956 in Palma de Mallorca (Spain), Meliá Hotels International operates more than 430 hotels open or in the pipeline across over 40 countries, under a portfolio of nine brands: Gran Meliá Hotels & Resorts, ME by Meliá, The Meliá Collection, Paradisus by Meliá, Meliá Hotels & Resorts, ZEL, INNSiDE by Meliá, Sol by Meliá, and Affiliated by Meliá.
The company is one of the world’s leading hotel groups in the vacation segment, and its expertise in this area has enabled it to successfully expand into the growing market of leisure-inspired urban hotels. Its commitment to responsible tourism has earned it recognition as Europe’s most sustainable hotel company (named “Sustainability Yearbook Member” for 2025 by S&P Global), and it is a certified “Top Employer” in the 10 countries that account for 95% of its more than 40,000 employees.
For more information, visit: www.meliahotelsinternational.com
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