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, which plans to double its EBITDA from the previous year, from 15.7 million euros to 40 million euros by 2024, thanks to the integration of these new assets. Sarasola is also targeting 100 hotels in the medium and long term.

Three months ago, Kike Sarasola announced that Room Mate was in negotiations to purchase new hotel assets, with the aim of doubling the number of rooms in the next 18 months.

With this acquisition, Room Mate goes from 22 to 32 properties, 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 acquisition of Staying Valencia follows two other major acquisitions completed 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 seeking a more refined luxury experience.

Affected by the pandemic and the withdrawal of its main shareholder Sandra Ortega in 2021, the company filed for bankruptcy in 2022. Acquired by Angelo Gordon and Westmont Hospitality, Room Mate has since experienced a series 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 renewed 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