Axa REIM buys hotel for opportunity fund

The Paris-based company has bought the AB Skipper Hotel in Barcelona for European Real Estate Opportunity Fund II.

An opportunity fund managed by AXA Real Estate Investment Managers has acquired the AB Skipper Hotel in Barcelona from Spanish developer Grupo Preyco 44.

European Real Estate Opportunity Fund II (REOF 2), which was launched in 2006, has acquired the asset close to Barceloneta beach.

Insurance giant Axa said in a statement that it had signed a management contract with Accor Hotels to operate the asset. The purchase price was not disclosed.

The news comes in the same week as it was revealed Axa had suspended its investment activities in Asia until market conditions improve.

Stephen Smith, Axa REIM’s global head of asset management and transactions, told Reuters
the region’s property markets were “locked down” at the moment but stressed Axa REIM would continue to “review things as the year goes on” in the expectation of opportunities to come.