Agbar Tower to be transformed into a Grand Hyatt hotel

Barcelona (ACN).- Emin Capital investment fund will buy Barcelona’s Torre Agbar, designed by Jean Nouvel, for €150 million to turn it into a Grand Hyatt luxury hotel.North-American Hyatt will invest a further €35 million to transform the 145-metre-tall building into one of its grand luxe hotels, with several restaurants and a view point open to the public. The Grand Hyatt hotels – the US company’s luxury brand – tend to occupy iconic buildings in the world’s main business cities. The Agbar Tower has become one of the most emblematic buildings of the Catalan capital, with its blue and red lightening and its bullet shape imitating a flame. Nouvel’s tower was unveiled in 2005 to host the main headquarters of the water distribution multinational Agbar. The Catalan multinational, which owns the 50,000-square-metre building, has been occupying the skyscraper since then and renting out some of the 31 floors to other businesses. Now, Agbar will look for another space in Barcelona to place the 700 people working in its central offices. The agreement envisages that the tower, located in the Glòries Square and the Diagonal Avenue, should be empty within a year’s time.

An investment fund led by Emin Capital will buy Barcelona’s Agbar Tower, it was announced last weekend by the Catalan newspaper La Vanguardia. The news was confirmed by municipal sources, which point out that the deal will be concluded once the pertinent authorisations are issued. Barcelona City Council welcomed the news and the evidence it shows of the interest that the Catalan capital has for foreign investors and for the tourist industry. Emin Capital has many real estate investments in Latin America. 60% of the cost of the Barcelona operation will be covered with its own funds and the remaining 40% with a loan from Caixabank and Banc Sabadell.

A 360º view-point to attract 1.5 million people

The future Grand Hyatt will have two entrances, one for hotel guests and another one leading to the tower’s top floor, where a 360 degrees view-point will be open to the public. Investors expect it to become a new tourist attraction capable of attracting 1.5 million people. Besides the hotel and the view-point, the 31-floor tower will also host several restaurants, an auditorium and other attractions that still have to be detailed.

Barcelona’s Grand Hyatt will be in a totally-renovated area near business and cultural centres

The area where the Grand Hyatt luxury hotel will be located is undergoing a total town planning renovation. The space will become one of Barcelona’s new central spots. The Agbar Tower is located next to the 22@ technological and business district, which hosts several offices of multinational companies, particularly those working in mobile technology, IT and audiovisual communication. The tower is also near Catalonia’s National Theatre, L’Auditori concert hall and the new Design Hub museum, and it will be facing a park once the Glòries Square’s renovation is concluded, a process that still has some three or four years to go.