SPANISH hotels and resorts are top of the buy list for one of the world’s biggest investors in real estate.
Apollo Global Management, a private equity firm, could invest a total €3 billion in Spain over the next three to five years.
It is currently in talks to buy a group of hotels, and aims to create a pan-Europe hotel group with Spain as a key component.
The tourism industry is widely being touted as a key escape route from economic turmoil in the country.
Roger Orf, head of European real estate at the firm, said the lodging industry needs capital, and as room rates can go up quickly over ensuing years such investments are attractive for investors.