Hispania Real SICMI (Hispania), a subsidiary of Spanish company Hispania Activos Immobiliarios, has signed a framework agreement with family owned Barceló Group for the creation of a hotel real estate investment trust (REIT) focused mainly on resort properties in Spain. The REIT's initial investment will be the acquisition of 11 Barceló hotels (3,946 rooms) and one shopping centre, with the option to purchase a further five hotels (2,151 rooms) and a second shopping centre. Hispania is expected to invest €339 million in the 16 hotels and two shopping centres, giving it an 80.5% stake in the REIT. Barceló will continue to operate the hotels, located mainly in the Canary Islands, Andalusia and the Balearic Islands, via lease contracts, with an initial term of 15 years.