Eurostate, a privately held fund manager based in Barcelona, has signed a partnership agreement with an undisclosed hotel investment fund, controlled by a large sovereign wealth fund, to purchase boutique hotels in the main Spanish cities and European capitals.

The partnership has equity of EUR 150 mln to invest in European hotels in the coming two years, Eurostate said. The joint venture will focus on the development and reconversion of buildings, the acquisition of existing hotels, as well as strategic alliances with local hotel groups. The company did not disclose further details on investment plans.