3 March 2008

Recent Investments

Somnio Hostels, SL, a new player in the budget lodging industry, is opening its flagship hostel in Barcelona in March 2008. Somnio aims to be a pioneer in the youth travel market by establishing a world-wide brand that sets a standard of comfort and cleanliness while providing five-star service at hostel prices.

Somnio Hostels was founded by two American sisters who, with the support of organizations like the Catalonia Investment Agency, an agency of the Ministry of Innovation, Universities and Enterprise of the Government of Catalonia, made an easy transition to the Barcelona business scene. Somnio was expressly launched in Barcelona due to the city's high occupancy rates and robust tourism infrastructure, but the company has plans to open locations in other major Iberian cities before expanding to the rest of Europe.

Source: Catalonia Investment Agency, New York Office