Trinity, Partners Group acquire Hoxton in Barcelona

BARCELONA — Trinity Investments, Partners Group and a third unnamed investor have acquired from Norlake Hospitality the 240-key The Hoxton, Poblenou in Barcelona for an undisclosed amount.

The Hoxton represents Miami-based Trinity’s third European acquisition since establishing its London office in 2023. Last November, Trinity, Partners and Oaktree Capital Management acquired the 266-key Standard London for a reported £185 million from private equity fund manager Crosstree Real Estate. In April 2024, Trinity launched its European investments by acquiring the 138-key Park Hyatt Zurich in Switzerland from an affiliate of Hyatt Hotels Corp. Trinity said it anticipates continued expansion across Europe in the coming years.

Partners and Trinity will focus on enhancing group bookings at the hotel and improving the activation and appeal of the F&B outlets. The Swiss private equity firm Partners also owns a minority stake in Trinity Investments.

The Hoxton, Poblenou reinforces our platform’s ability to execute in dynamic, creative urban neighborhoods. With The Standard London and Park Hyatt Zurich, this investment forms a deliberate multi-segment approach that will drive long-term value for our platform and our investors.

Ryan Donn

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The acquisition caps an active year for Trinity, including the $865 million sale of the JW Marriott Phoenix Desert Ridge to Nashville-based REIT Ryman Hospitality in May, the sale of East Miami to Blackstone in September, and the majority sale of the Hyatt Regency Greenwich to Certares in August.

Ennismore’s The Hoxton, Poblenou, opened in 2022 after a repositioning and features four F&B concepts, flexible meeting and event spaces, and a rooftop pool and lounge. It is located in Barcelona’s fastest-growing commercial and creative district, 22@ Innovation District, and has proximity to key cultural and corporate demand generators. 

The hotel benefits from several thematic tailwinds, including the continued growth of tourism and the return of business travel in the area. In addition, Barcelona has long-standing restrictions on new hotel developments in the city center, as well as greater regulation of private rental platforms, which Partners said will further support rising demand for existing hotels. Over the last decade, Partners calculates that the supply of hotel rooms in Barcelona has grown at less than 1% CAGR while demand has grown at close to 3%.

“This acquisition is directly aligned with our European strategy,” said Ryan Donn, managing director and chief investment officer, who leads Trinity’s London office. “The Hoxton, Poblenou reinforces our platform’s ability to execute in dynamic, creative urban neighborhoods. With The Standard London and Park Hyatt Zurich, this investment forms a deliberate multi-segment approach that will drive long-term value for our platform and our investors.”

"The Hoxton Poblenou is perfectly positioned to capitalize on Barcelona's unique appeal to both business and leisure visitors,” said Stephen McCall, managing director, real estate for Partners Group. “Executing a value creation plan in the hotel sector is specialized and operationally intense, which is why we have built vertical depth into our hospitality strategy by partnering with Trinity on this transaction."