Addleshaw Goddard advises Iroko Zen on the acquisition of a hotel in Granada

International law firm Addleshaw Goddard has advised Iroko Zen on the acquisition of the Nevada Palace Hotel, one of the largest hotels in Granada, through a sale & leaseback transaction with hospitality operator Grupo Abades. The deal has been formalised via a 25-year lease agreement, thus consolidating a long-term collaboration between both companies.

The property, situated in a prime tourist area of Granada, is a four-star hotel offering 258 rooms, an event hall, training facilities, a spa, gym, swimming pool, and a restaurant.

Built in 2007, the Nevada Palace Hotel is renowned for its cultural, leisure and relaxation appeal, in an area that has seen significant growth in recent years. Grupo Abades plans to carry out an ambitious renovation and improvement programme, strengthening its position as one of Granada’s leading hotels.

The Addleshaw Goddard team that advised on the transaction was led by José Antonio Calleja, partner and head of the Real Estate practice, supported by senior associate Pilar Lorenzo.