Hotel news and transactions from around the European region: Marina d'Or resort in Spain acquired by Grupo Fuertes, Extendam and partners acquire portfolio of 13 economy hotels in France and more...
Marina d'Or resort in Spain acquired by Grupo Fuertes and Magic Costa Blanca
Marina d’Or, one of the largest resort properties in Spain located in the town of Oropesa del Mar, has been sold by US hedge fund Farallon Capital Management to Grupo Fuertes and Magic Costa Blanca for an undisclosed amount, following competition authority approval a few weeks ago. The transaction encompasses the sale of the 1,200-room, 2.5 km long Marina d’Or resort, with its five hotels, seven amusement parks and 100+ retail outlets and restaurants, located on the east coast of Spain some 100 kms north of Valencia. The resort was developed in the 1990s. The deal also included two hotels in Villareal, 30 kms south of Marina d’Or, with over 100 rooms and 150 apartments. Following the resort’s near bankruptcy in 2020, Farallon acquired most of its debt, amounting to €125 million, which it ultimately converted to shares in late 2022 to acquire 99% of the property.
Extendam and partners acquire portfolio of 13 economy hotels in France
Extendam, MyHotels, Bpifrance and 123 Investment Managers have acquired a portfolio of 13 economy hotels in central and north-eastern France for an undisclosed amount. The 936-room portfolio will be operated by MyHotels, which will, through this acquisition, double its hotel count to 31 assets, employing some 600 people with expected revenues above €50 million. The portfolio was built by the ex-Louvre Hôtels deputy general manager Stéphan André beginning in 2008, and was operated by brands such as Louvre Hôtels, B&B and Best Western.
Hotel NH Marbella in Spain acquired by General de Galerías
The four-star Hotel NH Marbella in Marbella, Spain, has been acquired by Spanish billionaire Tomas Olivo Lopez through his company General de Galerías. The transaction for the 163-room hotel is said to have been worth €20 million (€123,000 per room). The property is located 2 km outside the town centre of Marbella, ten minutes from the beach by foot and five minutes away from the Marbella Congress and Exhibition Palace. Mr Lopez, whose company operates some 1,100 commercial properties, is aiming to build a hotel portfolio to diversify his assets, including the development of a hotel, golf and residential resort in the Dominican Republic.
CapMan Hotels II fund acquires office building for hotel extension in Finland
Finnish fund CapMan Hotels II has acquired the KOY Oulun Kuvernoori office building in Oulu, Finland, to redevelop into an extension of the fund’s existing Lapland Hotel Oulu. The office building is part of the same complex, and its redevelopment will increase the hotel's room count by 95 rooms to 250. The extension will be leased on a long-term basis to Lapland Hotels Oulu. The Capman Hotels II fund was created in 2019 and owns a portfolio of 29 hotels in Finland and Sweden, with a value of €392 million, including ten properties being leased on a long-term basis to hotel operators Scandic and Lapland.