Cheyne Capital has lent 63.3 million to the 'joint venture' formed by Bain Capital, LP and Stoneweg to acquire and remodel the H10 Andalucía Plaza in Marbella.
The establishment, which currently has 400 rooms, two restaurants, three bars, eight meeting rooms and two swimming pools, was built in the 1970s on a plot of 30,000 sqm for hotel use, making it the first building in Puerto Banus.
Last June it was acquired from H10 by Bain Capital Credit, LP and Stoneweg Hospitality, who plan to invest close to three million euros to reform and transform the complex, which they hope to reopen this summer as Hard Rock Marbella.
"We are pleased to support Bain Capital and Stoneweg in their efforts to reposition a reference asset such as the Andalucía Plaza hotel, to turn it into an attractive destination, led by the Hard Rock brand, and thus reinforce Cheyne's commitment to the real estate sector. Spanish," said David Renshaw of Cheyne Capital.
Once the renovation is complete, the Hard Rock Marbella will maintain the four stars, but will reduce the number of rooms to 384 rooms to include 50 suites. In addition, it will have six gastronomic establishments, a spa and wellness center with a heated pool, a gym and spaces for meetings and events. In addition, the rooftop will house a VIP bar and an infinity pool with views of Nueva Andalucía Beach.
London-based Cheyne Capital is one of Europe's leading alternative investment managers, with real estate investments accounting for around 45% of the $10 billion they currently have under management.