Room Mate adds 10 hotels to its portfolio with the acquisition of Staying Valencia – English

This transaction marks an important step in the company’s growth strategy, as it plans to double its EBITDA from €15.7 million in the previous year to €40 million by 2024 thanks to the integration of these new assets. Sarasola also aims to reach 100 hotels in the medium and long term.

Three months ago, Kike Sarasola announced that Room Mate was in negotiations to acquire new hotel assets with the goal of doubling its room count over the next 18 months.

With this acquisition, Room Mate increased its number of properties from 22 to 32, increasing its capacity from 1,700 to 2,200 rooms. Valencia is now the company’s main market. Sarasola highlights the growth potential of this dynamic city and its ability to generate good revenues.

The purchase of Staying Valencia follows two other major acquisitions in late 2023: The Lime Tree Hotel in London and Palazzo Dei Fiori in Venice. Room Mate’s next goal is to launch the Room Mate Collection brand, aimed at travelers looking for a more refined, luxury experience.

Hit by the pandemic and the withdrawal of major shareholder Sandra Ortega in 2021, the company filed for bankruptcy in 2022. Acquired by Angelo Gordon and Westmont Hospitality, Room Mate has since seen a number of positive developments.

“Since the acquisition of Room Mate Hotels in 2022 by TPG Angelo Gordon and Westmont, Room Mate Hotels has significantly strengthened its financial position and refreshed its portfolio through a multi-hotel investment program. The company is now well positioned to continue its international expansion through further strategic acquisitions, new leases and hotel management agreements.” – Angelo Gordon