Atland announces its first acquisition in the hotel sector with the takeover of the 'Ibis Budget Bilbao City', a 149-room establishment due to open in 2019, located in the heart of Bilbao close to the Basque city's main tourist attractions.

"This acquisition, carried out on behalf of the SCPI Epargne Pierre Europe, represents a rare opportunity in a destination where barriers to entry remain particularly high and the opening of new establishments is restricted", it explains.

This transaction also marks the start of a collaboration between the real estate company and the hotel group Continuum, Accor's second franchisee in Spain, which will operate the asset under a new long-term lease.

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