2023-10-05 20:21:24
New operation in the hotel sector of Lloret de Mar with an international fund as protagonist. Indotecbased in Budapest, has bought the Hotel H·Top Royal Beach in an operation financed by Banco Santander with ten million euros. The new owner of the 4-star hotel with 368 rooms, anticipates renovations worth 4 million euros. The establishment’s former group owner, H·Top Hotels & Resorts Group, will continue to operate the business under a long-term lease.
In this way, Indotek consolidates its position in the Spanish market, where it has recently bought two shopping centers, Factory Bonaire in Aldaia (Valencia) and Vilamarina in Viladecans (Barcelona). The one in Lloret de Mar is the group’s seventh hotel acquisition in Spain
Krisztián Hornok, general manager of International Transactions and Asset Management of the Indotek Group comments in a note that “the rapid recovery of Spain after the pandemic and the solid behavior of the Costa Brava reinforce the strategic value of this operation”. He adds that the group plans to invest 4 million euros to revitalize the hotel and “turn it into a modern, high-level establishment that fully meets the traveler’s expectations.”
“The solid behavior of the Costa Brava reinforces the strategic value of this operation”
The Indotek Group has more than 1,600 rooms distributed in seven hotels on the Mediterranean coast. Beyond Spain, it has around fifteen hotels between two and four stars, as well as other accommodation on the coasts of Croatia and Greece.
Other operations
After the pandemic, which left some companies in the sector in a delicate situation, several disinvestments by local hoteliers have been taking place in Lloret de Mar. On different real estate portals, there are advertisements for about fifteen hotel buildings in the municipality that are for sale.
This summer, it was announced that Meliá Hotels International will manage the Gran Hotel Monterrey in Lloret de Mar, which will bring the hotel company to the Costa Brava, thanks to an agreement with Okami Hotels.
In 2022, Fergus Group, owned by the Mallorcan businessman Pep Cañellas teamed up with the British fund Zetland Capital to acquire the Don Juan hotel in Lloret de Mar.
Shaking up the hotel sector in Lloret
A few months earlier, the international fund Sixth Street bought the Hotel Santa Rosa in Lloret de Mar as part of an operation in which it has done with a portfolio of five establishments throughout Spain and in which it invested 85 millions of euros.
Outside Lloret, Azora, through its fund Azora European Hotel and Lodging, FCR, bought the Arenas Resort Giverola complex in Tossa de Mar in 2021. That same year, Next Point Capital, a listed real estate investment company (socimi), closed an agreement to buy the former Meliá Girona hotel for six million euros.
Apart from hotels, some investment funds have explored entering other types of tourist accommodation, such as campsites, closing some purchase operations on the Costa Brava.
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