Alterhome has secured €4 million to fund the purchase of a palatial home in Jerez de la Frontera (Cádiz). Renovations will begin in June to convert the property into 38 tourist apartments, the proptech company confirmed in a statement.
The acquisition has been supported by the company’s existing investors via its investment club and marks the first of four planned real estate purchases in the Andalusian province.
Each apartment will feature one bedroom with built-in wardrobes, an en-suite bathroom, a living-dining area and a fully equipped open-plan kitchen.
The building will also include an elevator and concierge service, along with communal spaces such as a heated rooftop pool overlooking the city’s cathedral, a gym, a coworking area and a reading lounge.
Situated in the historic city centre, the building’s renovated façade will evoke the era of explorers. It will be named "Cabeza de Vaca" in honour of Álvar Núñez Cabeza de Vaca, one of Spain’s most renowned conquistadors, who was born in Jerez.
Regarding the acquisition, Alterhome CEO Chema González described it as "a very important step" in strengthening the group and positioning it as "a key alternative to hotels in Spain and, hopefully, soon abroad."
Alterhome aims to acquire well-located properties for tourism, including buildings, hotels or guesthouses, with a minimum size of 1,500 m², focusing primarily on adding value through investment.
Once transformed, these assets will be managed by the company under one of its brands, either directly or through its network of local partners in each destination.
In addition to Cádiz, the company expects to announce new projects in various Spanish cities in the coming months, while also welcoming external investors. Alterhome aims to establish itself as an alternative to hotels in regions such as the Valencian Community, Andalusia and the Canary Islands.
“We aim to add value to the cities where we operate. To this end, we sometimes acquire properties for renovation, always in strategic locations, so that guests staying for days or months can enjoy home comforts alongside the full services of a hotel,” González explained.
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