Hotel Byblos, Malaga
Colliers has advised the international fund Intriva Capital in obtaining 20 million euros of financing that will be used to reopen the emblematic Hotel Byblos in Mijas. The hotel was sold by Grupo Ayco, advised by Colliers, to Intriva Capital in May 2019.
The Urban Development Fund "Impacto Andalucía", managed by Arcano Capital, has granted part of the financing necessary for the reconstruction, recovery and relaunch of the old Hotel Byblos in Mijas. The funds for this vehicle come mainly from the European Regional Development Fund (ERDF) and the Junta de Andalucía and its main objective is to invest in urban development projects in the Andalusian autonomous community.
The emblematic Hotel has always been considered a source of wealth in the region and the urban development project that its reopening implies is of special importance at this time for the city of Mijas and its surroundings, since it allows to value a disused infrastructure , promote tourism in the municipality, generate employment and strengthen the quality hotel offer aimed at attracting international tourists.
The project will be managed by Grupo Marugal under a franchise agreement with the brand “The Unbound Collection” of the Hyatt Group. The reopening of the iconic Hotel is scheduled for the end of spring 2022. Marugal is a hotel manager of Spanish origin that currently manages hotels as representative as the Hotel Cap Rocat in Mallorca, or the Hotel Akelarre in San Sebastián or the Hotel Urso in Madrid
«The financing search processes for the hotel sector, since the arrival of the pandemic, have been a challenge. With traditional bank financing absent for new projects, alternative sources and solutions must be sought. In the case of the old Byblos, we had many ingredients to achieve it: a top-level project in an unbeatable location, a sponsor with demonstrated capacity, and a manager and a brand with an unquestionable plan to attract customer demand that will make the hotel become a benchmark in Europe again » - says Laura Hernando, Managing Director of Hotels at Colliers.