We start 2022 and like every year, it is time to start executing the business plan and achieving the proposed objectives for this new year. Normally the results of each new year depend to a large extent on the work done in previous years, and that is why I have allowed myself to make a summary of the most important actions that we have carried out during 2021.
At Atom, the capex plan of the 28 hotels that make up the current portfolio has been executed, so that they can stand out in a market that is undoubtedly more competitive and demanding every day. During the last quarter of the year, the property management team has yielded leadership to the asset management team, in order to start the implementation of repositioning strategies in each one of these assets. The entire team has participated in the professional management of the company and on the effects caused by the pandemic, with solutions and decisions tailored to each tenant and taking into account the particular situation of each asset, which has allowed to close the year without need to resort to debt increases or refinance the existing one, showing the quality of the contracts and the underlying portfolio; and above all, the close relationship with the majority of our tenants and stakeholders. This has allowed us to maintain the value of post-covid assets, above 700 million euros.
In June, one of the most relevant investment operations of 2021 in the hotel sector and the most important in Europe of those carried out in the first half of the year was signed: the purchase of 8 prime assets from Melia Hotels Internacional by a new company -vehicle, owned by Bankinter’s private banking clients and great fortunes in Spain and promoted by Bankinter Investment, GMA and Melia Hoteles Internacional, Victoria Hotels & Resorts; a company in which Melia acts as Hotel operator under Management contracts and GMA acts as manager of the vehicle, together with Bankinter Investment. During the second half of 2021, the capex execution project and the repositioning plan began, and this will lead these assets to a complete transformation and reach a value of more than 400 million euros.
In the tourist residential and luxury housing project, all the work milestones set in the promotion in Andorra that the company is carrying out have been completed. With the cover completed in December and a delivery forecast in the last quarter of 2022 and of which only two units remain for sale. I want to highlight the success of this initiative, which we started in the summer of 2020, as an alternative to the traditional activity of the company and at a very difficult time and environment. Due to the success of this line of business, we are analysing different operations in prime markets and locations in Madrid, Barcelona, Costa del Sol, Mallorca, Ibiza and Tenerife as well as Andorra.
At the team level, GMA has become the first investment vehicle manager in Europe to receive ISO 18404 certification after implementing Agile Management systems. The certification has been carried out by AENOR to evaluate and develop companies in Process Improvement. Regarding ESG, work continues on the objectives of the global compact, forming part of the group of companies and organizations that align their strategies and operations with ten universal principles on human rights, labour standards, the environment and the fight against corruption. All this, with the aim of participating in transversal processes that promote the Sustainable Development Goals (SDG) in the business sector, the assets under management and our own way of proceeding. Finally, we have continued to invest in technology, systems and the company’s digitization process, implementing and improving Continuous Improvement processes, through methodologies whose objective is to optimize business processes, as well as management, actions, and relationships with our business groups who are involved. To do this, we have focused on implementing small changes over time with the aim of continuing to obtain good long-term results. This transversally affects the company, from the tools to be used, processes and the profile and orientation of human capital.
All this allows us to continue working to reduce the risks of any business project, generate value that translates into predictable and constant dividends for our shareholders and build a solid foundation of trust with our stakeholders, which guarantees the future of the company and of all of us as professionals.
Thank you for your support during all this time and for trusting in this business project. We are prepared to be able to carry out new projects together during this 2022 that we begin.
Víctor Martí Gilabert
Founder & CEO