Altamira Asset Management, one of the main servicers managing the marketing of the large volume of assets of Sareb, has sold the aparthotel Vistalegre, located in Manacor (Majorca), to the Investor group Sineu Inversiones for 3 million euros.

It is an apartment complex situated in Cala Mendia (Manacor), comprising 42 rooms with a total of 112 hotel places and three-star category. The complex also has common areas, a pool and gardens.

The regional manager in Catalonia and the Balearic Islands of Altamira, Antoni Guàrdia, assets that it is a major sale, demonstrating the interest still sparked by tourism-related assets amongst investors, despite the uncertainty caused by the COVID-19 crisis.

According to Antoni Guàrdia, the fact that the health crisis is not structural, by contrast to that of 2008, explains this interest. Investors know that economic activity will recover when the current health crisis has been resolved and they are looking for investment opportunities to prepare for this time.

This explains why demand started growing in April, once the trickiest part of the crisis was behind us, and why it continued to grow in May and June. At present, in actual fact, it has already surpassed the levels it had attained in the months prior to the pandemic.

According to Altamira’s forecasts, this behaviour is also being transferred to other sectors such as the residential segment and land, allowing some optimism with regard to the evolution and closure of the fourth quarter of the year.

Altamira Asset Management is currently managing around 1,500 properties on the Balearic Islands with an approximate value of 200 million euros.