Amsterdam, October 10, 2019 –Pan-European operator, developer and investor, The Student Hotel (TSH), has secured €90 million in financing for the development of two new hotels in Madrid and Barcelona, as well as refinancing for its existing assets in Spain. The lending was provided by a syndicate of three banks.
The financing package forms part of a €2.0 billion accelerated investment programme by Amsterdam-headquartered TSH across European markets over the next five years, that is expected to result in the Spanish market growing in value to about a quarter of its operating portfolio, from 10% currently.
Lucas Rijckmans, Chief Corporate Services at TSH, said: “Spain is a key target market within The Student Hotel’s European expansion strategy, due to its increasing attractiveness as an international student base and its draw as a major tourist destination. A growing number of academic exchange and summer school programmes is further driving the demand for high-quality short-stay student accommodation, particularly in Madrid and Barcelona, where there is a severe shortage of supply. By mid-2021, we expect our total Spanish investments to exceed €200 million.”
Santander, Sabadell and HSBC provided the €90 million in financing divided proportionally between them and this has been allocated more or less evenly across the bulk of TSH’s development projects and standing assets in Spain.
According to Christie & Co, in its recently published 2019 report on the hotel market in Spain, “with three projects in Madrid, Barcelona and San Sebastián, TSH (The Student Hotel) will be the hotel operator that will generate the largest number of rooms in the cities it studied”. The report also concluded that TSH would be the fastest growing operator to target the student segment in Spain in the coming years.
Madrid La Imprenta – Refurbishment of an existing complex on the Plaza de España to create a 340-room TSH, with Collab co-working space, has already started. The opening of the hotel is expected early 2021.
Barcelona Provençals – The new-build 300-room hotel will have the full TSH brand experience, including its largest Collab co-working space in Europe at over 3,500 sqm, and is scheduled to open in mid-2021. Provençals will be accessible for any guest to stay, unlike TSH’s existing campus-style student accommodation in the city at Barcelona Poble Sec (97 rooms – opened 2007) and Barcelona Marina (500 rooms – opened in 2009), which are restricted to students only.
About The Social Hub
The Social Hub is a European hospitality brand that blends traditional hotel stays with a vibrant, community-focused experience for guests, coworkers, and locals. Founded in 2012 by entrepreneur Charlie MacGregor, the company redefines the role of hotels in cities – offering spaces where people from all walks of life can learn, stay, work, & play… but more importantly, connect with each other.
Headquartered in Amsterdam and a Certified B Corporation, The Social Hub is built on a commitment to social and environmental impact. Its unique hybrid model combines premium design-led short and long-stay hotel rooms with student accommodation, coworking spaces, meeting and event facilities, restaurants and bars, 24-hour gyms, and open-to-the-public spaces like rooftops, parks, and cultural venues.
With more than 10,000 rooms across 21 hubs in Europe’s most dynamic cities – including in Amsterdam (two hubs), Barcelona, Berlin, Bologna, Delft, Eindhoven, Florence (two hubs), Glasgow, Groningen, Maastricht, Madrid, Paris, Porto, Rome, Rotterdam, San Sebastian, The Hague, Toulouse, and Vienna – The Social Hub creates inclusive environments that bring together diverse groups of people under one roof.
The Social Hub also leads a wide-ranging social impact programme, including the TSH Talent Foundation – which is supported by a pledge to donate 1% of the company’s annual global revenues – and hosts more than 6,000 community-centric events each year across Europe, helping spark new ideas and lasting connections in every city.
Two new hubs are currently under development in Lisbon and Turin.
For more information, visit www.thesocialhub.co.
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