This company will be in charge of erecting the equipment for its subsequent exploitation by any of the hotel operators interested in providing service in this industrial area of the city.
VDR, a renowned Navarrese construction company with important works in almost all of Spain, will build the property; and Ispal Advisors, specialized in locating real estate assets for investment by operators, will manage the exploitation
The new hotel will generate around 30 new jobs and will complement the limited supply that exists in the city of this type of establishments, more focused on covering stays for professional reasons.
In addition to the Executive Committee, the Free Zone has also held a Plenary Session that ratified the 2021 accounts and unanimously approved the update of the Statute and Internal Regulations of the Consortium
Cadiz, February 1, 2023
Today, the Cadiz Free Trade Zone held an Executive Committee that authorized the awarding of the construction of the hotel projected in the UE-ZF-08 Execution Unit of the outer industrial estate – in the old Ibérica Aga building and the rear annex space – to the joint offer presented by the companies VDR Multiva SL. and Ispal Advisors SL.
Both promoters presented together to the public offer opened on January 10 by the Consortium to raise and promote the hotel project that will complement the Base Zone project and its Blue Economy incubator, Incubazul, with the construction of a functional hotel that will serve this industrial and business area of the capital and that will complement the limited supply of this type of hotel establishments in the city, more focused on trips for professional reasons. In fact, the offer proposes in its memory “Cádiz as a leisure and business destination.”
The joint company that was awarded the contract is very experienced in the hotel sector. Thus, VDR, which is an experienced Navarrese construction company with important projects throughout almost all of Spain and which has worked with prestigious clients and with some of the most important architects in the country such as Rafael Moneo, will be in charge of building the hotel; while Ispal Advisor will manage the asset for its enhancement and exploitation by the most appropriate hotel operator among those that have already shown interest in operating in the city.
Among the most representative projects carried out by VDR are the “Campus” and “Alma Muga de Beloso” hotels in Pamplona; the Portuetxe student residence, in San Sebastián or the student residence in Pamplona; the University of Navarra Museum; the renovation and expansion of the Osasuna stadium; the central offices of Gamesa Eólica; the Las Palmas de Gran Canaria aquarium or the Urzante oil plant, among many others.
For its part, Ispal Advisors specializes in the search, location and management of real estate assets for investment, most of them operated by national and international operators with long-term contracts. It offers exclusive advice for the management of properties in expansion areas, retail parks and shopping centers.
The winning company will act on the plot named in the PGOU 1-A1, located on Gibraltar Street in the outer industrial estate of the Free Trade Zone and which has a surface area of 1,207 m2 and a buildable area of 4,077 m2, including the current listed building of the former Ibérica Aga as its rear plot.
According to the report presented, the implementation of the hotel on the plot will create around thirty jobs: nine in administration and reception, five for breakfast service, three for the cafeteria and eleven for cleaning staff.
And the hotel equipment will significantly revitalize this industrial zone of the city of Cádiz and will complement the offer and dynamism that this space in the outer industrial estate will achieve as soon as the high-tech incubator promoted by the Free Trade Zone of Cádiz, Incubazul, begins to operate, housed in the unique building made up of recycled maritime containers that is currently under construction.
If the incubator will be a stimulus for that area, the fact of having a hotel very close will create an ideal breeding ground to promote economic and commercial activity and create synergies that promote greater economic development for the city and nearby areas.
In this sense, the delegate of the Free Trade Zone, Fran González, has stressed that "this award demonstrates, firstly, the good work of the Consortium's Commercial Department in the permanent search for new initiatives and projects that can be installed in Consortium spaces and that revitalize the socioeconomic fabric of Cádiz; and, secondly, that when an urban planning of the spaces is carried out, such as the one carried out on the Zona Base-Incubazul plot, these "They become attractive to investment, which has to be an incentive to promote public-private collaboration that reactivates the development of the outer industrial estate, one of the most promising areas of the city."
It must be remembered that the aforementioned segregated execution unit UE-ZF-08-A corresponds to the one that belonged to the former Ibérica AGA and on its land the Base Zone will be developed, a technological space with a modular structure with maritime containers that includes the launch of the high-tech incubator linked to the blue economy Incubazul, subsidized with European funds within the Framework of the FEDER Operational Program of Andalusia 2014-2020, “One way of making Europe” through the INCYDE Foundation of the Chambers of Commerce.
The Plenary ratifies the 2021 accounts
An ordinary plenary session was also held this morning in which the 2021 accounts were ratified, a key year for the consolidation of the Consortium since it achieved, for the second consecutive year after the 2020 numbers, an operating result of 1.5 million euros and a working capital of 12 million euros.
The 2021 accounts have been a true turning point in the economic and financial situation of the Consortium and have put the entity on the path to profits in the 2022 accounts and have allowed the 2023 budget to increase investment by 35%.
Along these lines, the Plenary has emphasized that these accounts show that the Free Trade Zone is reaping the fruits of the implementation of the management strategy and the Viability Plan launched by the Consortium for the period 2020-2025. In fact, as was announced last Christmas, the Consortium has already fulfilled 87% of said Plan.
Also important, it should be noted that the 2021 results reflected the decrease, also for the second consecutive year, in financial expenses by 8% compared to the previous year and the reduction in losses by 24%, a decrease that is added to that which already occurred in the previous year and which reached 50%.
In this sense, the achievement of a restructuring of the Reindus debt and the financial debt stands out, which allowed the Consortium's total debt to be reduced by 21 million euros, 13% compared to that in force in fiscal year 2020.
Update of the Statute and Internal Regulations
In addition,At the meeting held this morning, the Plenary Session unanimously authorized the adaptation of the Statute and Regulations of the Consortium to update it to the current conditions and activity of the Cádiz Institution, after the entry into operation of the Bahía de Algeciras Fiscal Precinct.
The Statute and Regulations of the Cádiz Consortium dated back to December 1932 and since then there had only been a small modification in 1998, when the expansion of the object to be able to operate outside the Free Zone premises was unanimously approved in plenary session.
The approved update is one of the requirements included in the ministerial order of September 16, 2019, which authorized the constitution of the Bahía de Algeciras Tax Precinct.