Navis Capital purchased a hotel with more than 300 rooms, in Malaga’s Benalmádena municipality, for its Atalaya con Andbanc project.
The three-star hotel San Fermín with 316 rooms, built by the Aguiree family, which owned the building since 1976 had its last refurbishment in 2016-2017. The complex has a 10.655 sqm built area spread across two buildings and 4.000 sqm of green areas and facilities. It is located in Benalmádena’s coastal area, 350 metres away from the Santa Ana beach and 800 metres away from the Puerto Marina sports port.
Colliers and TeamOn acted as advisors on behalf of the seller and Deloitte acted as advisor on behalf of the buyer.
This transaction is in line with the company’s hotel investment strategy, which, under the name “Atalaya Project”, will include structuring investments for more than 160 million euro on 3 and 4-star hotels with more than 150 rooms located within the most significant Spanish tourism destinations.
The project is being marketed all across Spain by financial entity Andbank.
Once the group finishes refurbishing the hotel, it will hand over its management to operator THB Hotels, its partner in managing the hotel business. THB was founded in the Balearic Islands in 1987 and it currently manages 3 and 4-star hotels located in Mallorca (10), Ibiza (3) and Lanzarote (3).
«We are very happy with the acquisition of hotel San Fermín because it is a project through which we can add value to our investors: by repositioning the asset through a significant Capex investment and by improving the hotel’s operational management thanks to THB.» – commented Beatriz Menéndez-Valdés, investment director at Navis.
«This operation shows once again the investment appetite for the hotel segment, improving tourism’s prospects and the consolidation of Costa del Sol as a preferred holiday investment destination. The first signs of economic recovery, together with the predictable opening of the financing bank sources in the short to mid-term are generating new opportunities for investors who had, up until now, adopted a more conservative stance towards the segment» commented Gonzalo Gutiérrez, director of the hotel division at Colliers.