Cuatrecasas has advised CaixaBank on its financing agreement (through a sustainable loan) with the hotel group Spring Hotels for the purchase from Brookfield of Mare Nostrum Resort, located in the south of Tenerife, for an amount of 430 million euros.
The acquisition, which is presented as the largest transaction ever carried out in Spain for a hotel asset, includes three establishments in Arona (Hotel Mediterranean Palace, Hotel Sir Anthony and Hotel Cleopatra). These will strengthen Spring Hotels’ strategic leadership in one of the most important holiday destinations in the Canary Islands, as well as its position as a benchmark in the meetings and events tourism sector and its commitment to the sustainable and responsible development of the islands.
In addition to these three hotels, Mare Nostrum Resort includes a range of top-tier tourism facilities: a MICE centre (meetings, incentives, conferences and exhibitions), a Hard Rock Cafe restaurant, a beach club and other complementary food & beverage assets, which will also become part of Spring Hotels’ portfolio.
“We are proud to have CaixaBank’s trust to support them in transactions of such scale and complexity, strengthening the leadership of our team in real estate financing, particularly in the hotel sector,” said Pol Solsona, partner in the Financial group, who led the advice together with a team of lawyers including Víctor Utges, Antonio Ridao and Adrián Coca, with the collaboration of Aina Maragall and Alicia del Valle from the Urban Planning group.
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