€509.8 Million Offer for Atom Hoteles Shares at €15.79 a Share
Key Facts
Bankinter Investment Inversión Alternativa II, a fund backed by co-investors, launched a voluntary offer to buy all of Atom Hoteles’ share capital for €509.8 million, equivalent to €15.79 a share, according to a Bankinter Investment statement on October 30, 2026. The offer targets all of the company’s shares, but does not mean the full acquisition has been completed; each shareholder may accept for all or part of their holding or retain their shares. Bankinter said the price includes a premium to Atom’s asset value as of October 30 after relevant adjustments, without specifying the size of the premium. The bank described the transaction as an investment through its alternative fund, alongside other investors. It said the fund targets diversified investment in real economy assets capable of generating income and with potential to create long-term value.
The offer acceptance period opens on November 2 and runs through December 4, 2026, with settlement scheduled for December 18 under the announced timetable and subject to the transaction’s conditions. This gives Atom shareholders a defined period to decide whether to sell, whether they choose to accept the offer in full or in part or not to participate. The price of €15.79 per share is the cash consideration specified in the offer, while the estimated total value of all the share capital is €509.8 million. Bankinter links the price to asset value as of October 30 after adjustments, but did not disclose the premium in its statement. Bankinter Investment and GMA also said they each intend to retain a stake of more than 5%, indicating they plan to remain shareholders after the transaction. Bankinter said Atom shares will continue trading on the BME Growth platform.
Atom’s portfolio comprises 20 hotels and more than 5,100 rooms, with assets valued at €830.9 million, according to Bankinter data released with the offer. The portfolio generated about €44.4 million in gross rents in 2025, while its loan-to-value ratio stood at 44% after the latest refinancing. Hotel leases combine a guaranteed minimum linked to the consumer price index with variable components tied to property revenues. This structure allows the company to combine a minimum rental income with a component linked to hotel revenues, according to Bankinter’s description of the leases. These indicators show a mix of income-generating operating assets and debt-based financing as the fund offers to acquire all of the share capital. The current portfolio figures disclosed with the offer differ from those in the 2025 annual activity report, which recorded 23 hotels and 5,572 rooms during that year.
Atom’s annual report said rental income rose 4.22% in 2025 from 2024 on a like-for-like basis, despite the number of hotels falling from 25 to 23 and the number of rooms declining from 5,998 to 5,572 between the two years. Net asset value per share also rose to €19.16 at the end of 2025 from €17.32 at the end of 2024, an annual increase of 10.6%. These figures put the offer price of €15.79 a share alongside the reported net asset value per share at the end of the previous year, with different reference dates for the two measures. The report said Atom had distributed €246.4 million to its shareholders through October 30, 2026, equivalent to 75.2% of the capital they contributed at the outset. The company was founded in 2018 by Bankinter Investment and GMA, its specialist partner in hotel-sector management, with total capital of €327.6 million. Bankinter said the fund’s strategy is based on diversified investment in income-generating real economy assets with long-term value-creation potential.
The 2025 activity report placed the offer in the context of Spain’s hotel market, saying hotel investment reached €4.275 billion during the year, up nearly 30% from 2024 and the second-highest level in the historical series after 2018. The report also said the 2026 agenda is expected to feature intense asset-disposal activity, and that Atom continues to monitor the market to select the best timing and buyer for each transaction. This backdrop comes as Bankinter’s offer sets out a path for shareholders through December 4, followed by settlement scheduled for December 18 if the transaction meets its conditions. Alongside the offer, Bankinter Investment and GMA said each intends to retain a stake of more than 5%, and that the company will continue trading on BME Growth. This arrangement gives current shareholders the option to sell under the offer terms, while the company’s founders remain among its shareholders under their stated plan.