Spain: Stoneweg Hospitality and Bain Capital Credit have acquired the Palladium Hotel Don Carlos, located in Santa Eulalia del Río community in Ibiza.
The four-star home has 168 rooms including 32 collections, two restaurants and a bar, a health club and also swimming pool, in addition to direct accessibility to the beach.
Plans include repositioning the asset towards a way of life principle, opening the public areas to face the sea and boosting the eating alternatives.
Palladium Hotel Group will certainly remain to handle the resort until completion of 2022, when the restoration of the hotel will start. A new operator will be assigned for the website.
Miguel Casas, managing supervisor of Stoneweg Hospitality, stated: “This is our 3rd hotel procurement with Bain Capital Credit up until now this year, which is testament to the strength of our on-the-ground relationships as well as our dedication to the friendliness field, where we remain to see interesting chances to acquire top quality, well-located possessions with considerable value add potential. We expect dealing with them on this newest project and also towards the shipment of robust go back to our investors.”
Fabio Longo, taking care of director of Bain Capital Credit, claimed: “Palladium Hotel Don Carlos is an excellent hotel in a prime location. Our experience in the Spanish resort sector will allow us to purposefully purchase its facilities and also refurbish the venue to its complete capacity, in partnership with Stoneweg.”
The purchase of Hotel Don Carlos follows the acquisition of Hotel Los Monteros Spa & Golf Resort in Marbella, along with Hotel Mimic in Barcelona.
In 2014, the JV acquired the Andalucía Plaza resort complicated in the heart of Puerto Banús, Marbella, which is currently undertaking a conversion right into a Hard Rock Hotel with 384 areas. Acid Rock Hotel Marbella is anticipated to reopen in June this year.
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