Bankinter’s and Meliá’s hotel vehicle received a €128.9M injection

Bankinter’s and Meliá’s hotel vehicle received a €128.9M injection

BBVA acted as the operation’s coordinating bank, on which the Instituto de Crédito Oficial (ICO), BCC-Grupo Cajamar and Banco Pichincha España also took part, according to a release issued by the company.

A group of investors from Bankinter Investments bought eight hotels from Meliá for 203.9 million euro in June and announced it would reposition the assets. The hotel group continued managing the hotels through long-term contracts which offered the possibility of re-buying them.

During the company’s first general meeting, which took place the last 23rd of July, an investment plan of more than 125 million euro to be carried out between 2021 and 2023, was approved. Following the conclusion of the financing agreement, the company assured that «the hotels will be refurbished and repositioned when the activity levels recover, maximizing their returns and the levels of satisfaction of their current and future customers, following the disruption Covid caused on the segment».

The hotels included in Victoria Hotels&Resorts are: Gran Meliá Victoria, in Palma de Mallorca; Meliá Tamarindos, in Gran Canaria; Meliá Granada; Sol Beach House Menorca; Meliá Salinas, in Lanzarote; Innside Bosque, in Palma de Mallorca; Meliá Atlanterra, in Cádiz and Innside Zaragoza. With the exception of the last one, whose refurbishment has been recently concluded, the other seven hotels were included in the repositioning plan. 

During the last five years, Bankinter Investment successfully launched 16 alternative investment vehicles with a total committed capital of more than 3 billion euro. The bank has a portfolio of assets under management of more than 5 billion euro, including the projects’ financing. 

In terms of the assets’ management, the company has been following the same model within all its vehicles of associating with an expert company on each investment segment for each fund or REIT. Bankinter has invested in renewable energy, hotels, student residences, infrastructures, retail, logistics, private equity and venture capital.

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