A new hotel project is taking shape in Seville, anchored by plans to convert the Endesa offices into a hospitality property. The building sits in the Andalusian capital at 2 Boulevard Diego Martínez Barrio, at the junction with Avión Cuatro Vientos Street. The property has been owned by the company led by Ricardo Pumar, who will retain a stake in the upcoming venture.
In a filing to the National Securities Market Commission, Insurance outlined plans to sell the building to IDS Nervión Tourist and Leisure. IDS Nervión acquired it for 10.6 million euros. The company is a public limited entity in which a real estate firm owns 35% of the shares. A 48% stake, held by external partners whose identities have not yet been disclosed, was created specifically for this development project.
Seventeen percent of the project company is controlled by Hercalianz Investing Group, the investment arm of the Hernández Callejas family, known as reference shareholders of Ebro Foods, a major global rice producer and a leader in fresh and dried pasta markets. Hercalianz has committed a 2.58 million euro investment. This comes after the Hernández Callejas family completed the sale of 7,500 hectares of the Veta la Palma wetlands in Seville to the Andalusian Government, for around 72 million euros funded largely by European sources. The family has also explored aquaculture ventures in the past, including attempts to establish a sea bream fish farm.
The Endesa offices in Seville occupy a plot of 3,255 square meters and date back to 1989. The ground floor hosts commercial activity, while the first floor houses Endesa’s provincial management offices and technical staff. Administrative personnel are located on the second floor, and the basement provides parking for twelve cars, along with building facilities, a meeting room, a cafeteria and archives. An adjacent electrical substation and a vacant space form part of the plot, and the area is currently used as a car park.
The new hotel site lies in a highly desirable part of Seville and is expected to complement nearby properties from established brands such as NH Collection, Meliá, Occidental and Pasarela Hotel. Its strategic location means it is within a short walk of Santa Justa railway station, with easy access to the Guadalquivir River and Seville’s historic center.
Sigorta’s third hotel in Andalusia
With this Seville project, Sigorta expands to three hotel complexes, two of which are already operational. The family business completed the transformation of the former Endesa offices in 2018, turning the Kordova area on García Lovera Street into a four-star city hotel managed by Grupo Hotusa. A second project opened in 2021 with the same hotel group. In addition, Eurostars Guadalquivir represents a 133-room, four-star hotel development with a 12 million euro investment by the Andalusian real estate company.
Insurance engages in both developing homes for sale and advancing tertiary assets for leasing through its patrimonial division. The company targeted the first half of 2023 to generate about 45.7 million euros in revenue and a profit of roughly 7.1 million euros. Trading on Spain’s continuous market, the company carries a market capitalization near 130 million euros, with ownership dispersed among investors largely rooted in Seville. [Source: CNMV filing; corporate disclosures; regional press reports]