Ferrer Hotels also negotiated the sale of the hotels with several of the segment’s investors, such as Azora and Atom, but wasn’t able to conclude the operation either. British Zetland also showed interest in the hotels, but quit the operation some days ago.
The seven hotels which constitute the chain’s portfolio in the Balearic Islands operate under three brands: Caprice, (the most luxurious) with five stars and located in Mallorca; Ferrer, with three four star hotels in Mallorca and Menorca; and Lime, which has three apart-hotels in Mallorca.
Ferrer would have to hand in the hotels in six months, since it contracted a loan over Hotel Caprice with a debt fund at 14% which will be executed and the accommodation if Ferrer is unable to meet its payments’ deadlines.
If the management company acquires the hotel portfolio, it would be Formentor’s first real estate deal, after several trials months ago to enter the hotel business since it was created as a venture capital management company in 2018.
Currently, Formentor Capital has on its advisory council Spanish entrepreneurs such as José María Castellano (former Inditex managing director and vice-president) and Alfredo Sáenz (former managing director and vice-president at Santander).