a&o Hostels has bought its first property in Spain to build a 750-bed hostel.
The Berlin-based budget group purchased the 7,900 square-metre complex in Barcelona’s Hospitalet district and will begin renovation in 2020.
Henri Wilmes, a&o’s chief investment officer, said: “With this third deal in 2018, we have managed to achieve our long-desired entry into the Spanish market – one of Europe’s key markets.”
The company, which currently has 34 buildings across six countries, announced it is also working on expanding into Madrid, Seville, Malaga, Lisbon and Porto.
The 170-room hostel will open in 2021.