Bain Capital Credit, LP (“Bain Capital Credit”) and Stoneweg Hospitality (“Stoneweg”) via their real estate hospitality joint venture, announced the acquisition of the 400-room Andalucía Plaza hotel complex in Marbella, with the aim of renovating the establishment to offer a new hotel experience in one of the best locations on the Spanish coast. The property will continue to be operated by H10 Hotels until the end of 2021.
The elegant and bright hotel of Andalusian architectural style is located in the heart of Puerto Banús, one of Spain’s most exclusive destinations for international luxury tourism, and walking distance to the beach, marina, luxury designer boutiques and upmarket bars and restaurants. Golf clubs are a short drive, and combined with destination shopping and events, the Andalucía Plaza is a year-round resort. Facilities of the hotel include 400 guest rooms, several bars and restaurants, swimming pool, multiple meeting rooms, gym and Spa. H10 has historically operated the hotel as adults only.
The repositioning of the hotel will transform this iconic establishment located next to the Casino de Marbella into a unique Lifestyle destination and a center point for the multiple events that take place throughout the year in Marbella. The works will include the refurbishment the guest rooms, common areas including the lobby, pool, the various F&B outlets and the gardens and outdoor terrace.
A hotel with history in a privileged location 365 days a year
The hotel was the first building in Puerto Banús, built in the 1970s. Marbella, with 2,900 hours of sunshine a year, emblematic hotels, almost 30 kilometers of Mediterranean beaches and an exceptional gastronomic offer – it has 8 Michelin-starred restaurants – is a consolidated destination for luxury tourism on a global scale 365 days a year. The H10 Andalucía Plaza is located in Puerto Banús, an enclave in Marbella that is visited by five million tourists every year.
“We are delighted to have acquired this great hotel in such a prime location, in the heart of Puerto Banús on the Costa del Sol,” said Fabio Longo, a Managing Director at Bain Capital Credit. “Our expertise in the Spanish hospitality industry will allow us to invest strategically in the facilities and reposition the venue to reach its full potential, in partnership with Stoneweg.”
Joaquín Castellví, Founding Partner and Head of European Acquisitions at Stoneweg, said: ” We are really delighted with the closing of this operation. We want to offer an experience with a first class lifestyle concept, responding to the new and rising demand of the Costa del Sol.”
Source : Joint release