This was Stoneweg’s first investment in the Spanish tourism segment. The assets were sold by group Porto Dolç.
This acquisition consists of 2 4-star hotels and 2 apartment complexes located on the seafront of the Spanish Island. The four assets offer a total of 489 rooms.
Stoneweg plans to refurbish these 4 units and adapt them to the concept created by American hotel group Apple Leisure Group, which will manage these 4 units under brands Alua Sun and Alua Soul. This process will cost an additional 10 million euro and should be finished by the end of next summer, according to what newspaper Expansión learned from market sources.
In terms of future investment routes, Joaquín Castellví, founding partner and in charge of acquisitions at Stoneweg assumed that «we will continue betting on this type of assets».
This is the second operation the Swiss company concludes in the country. The first concerned a terrain in Fuenlabrada, Southeast of Madrid, where the company intends to build a logistic complex and was concluded in July.