Greystar, owner of the Resa student residences, opens the largest hotel in Valencia

5/05/2021 – 19:27

The American giant Greystar, owner and manager of rental housing and university residences, has just opened its first hotel located in Valencia, which becomes the largest in its metropolitan area with 442 rooms.

The American company, which owns two student residences in Valencia through Resa, intends to direct the establishment to several different profiles of clients, taking advantage of both its location on the beach of La Patacona de Alboraya, practically on the border with Valencia and very close to the Tarongers campuses, as their own equipment.

Thus, Resa Patacona plans to target both beach and urban tourism and even people who seek to combine tourism and telecommuting. In each of its 8 floors, in addition to the rooms, there are common spaces, such as the kitchen and dining rooms, as well as others reserved for work.

The regional secretary for Tourism, Francesc Colomer, and the mayor of Alboraya, Miguel Chavarría, took part in the opening ceremony, who highlighted that it is the first hotel in La Patacona.

The establishment that opened its doors a few days ago currently has about 40 rooms occupied, although the company expects to increase its occupancy with the end of the state of alarm and the perimeter closures starting next week.

Converted project

The building, of more than 20,000 square meters, was initially designed for offices and the previous crisis paralyzed its development for years. Later, the project was converted to use it as a student residence, although in the end it has been converted into a hotel.

Last November Greystar, Axa and CBRE acquired the building in the final phase of construction along with three other residences from the developer Urbania in an operation valued at 145 million.

Greystar has a significant volume of apartments for rent in the United States, where it is a leader in this market with approximately 693,000 beds under management.

At the end of the third quarter of 2020, the firm had a total portfolio of assets under management of more than 37.2 billion dollars (around 30 billion euros), including multifamily assets, student residences and apartments.

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