Major Acquisition in Barcelona's Hotel Sector

The Riu hotel group has purchased the former Hotel Sofia on Avinguda Diagonal in Barcelona for more than €300 million, marking its entry into the Catalan capital's luxury market. The deal was finalised on Thursday 29th October 2026, according to industry sources cited by 3CatInfo. The property, which has 465 five-star rooms and is located near Camp Nou, will be renamed Riu Plaça Barcelona. Riu will manage the hotel directly, ending Hyatt’s management role. Part of the purchase price will finance Hyatt’s disengagement from the site.

Previous Ownership and Investment

The hotel was previously owned by insurer Axa and the Spanish luxury hotel management company Blasson, which acquired it for €230 million in early 2023. At the time, Blasson was finalising due diligence on the acquisition from Canadian fund Brookfield, which had obtained the property as part of its €440 million purchase of the Selenta chain in 2021. Blasson paid approximately €500,000 per room, reflecting the high value of the asset. The Sofia was considered the crown jewel of the Selenta portfolio, which also included the Don Carlos Resort & Spa in Marbella and the Mare Nostrum in Tenerife.

Riu already has a presence in Madrid and operates over 100 hotels worldwide, many in partnership with German tour operator TUI.

Third Name Change for Landmark Hotel

This is the third rebranding of the property since its inauguration. Originally named Hotel Princess Sofia after the former Spanish queen, it was rebranded simply as Sofia in 2017. The change followed a broader shift among Spanish institutions to distance themselves from royal associations. A similar renaming occurred at the former Hotel Juan Carlos I, which is now known as Torre Melina and managed by Meliá Hotels International. Both hotels were originally inaugurated by members of the Spanish royal family. Riu’s acquisition signals a strategic expansion into city-centre luxury hotels, complementing its existing portfolio of resort-focused properties.

Sources: 3Cat, iberian.property.