Spanish listed property firm Reyal Urbis has sold a building located in downtown Barcelona, near the Paseo de Gracia and Plaza Catalunya, to the H10 hotel group for EUR 25 mln. The operation releases EUR 9 mln in funds, the company said in a statement.

Madrid-based Reyal Urbis said the disposal is in line with its divestment strategy announced in May 2010 as part of a debt refinancing agreement signed with the creditor banks.

Located at Gran Vía de Les Corts Catalanes, the property currently houses the Casanova hotel operated by Rafael Hoteles, and offers 124 rooms, eight meeting rooms, and a spa area.