Banca March associates with Meliá and buys 80% of three hotels in Ibiza and Fuerteventura | Economy

2023-05-31 18:47:44

Banca March has created an alliance (joint venture) with Meliá Hotels International and has bought 80% of three hotels that until now had been owned by the Starwood Capital Group, one in Ibiza and two in Fuerteventura. The other 20% of the properties will remain in the hands of the Balearic hotel chain, according to a statement released on Wednesday. These are three four-star establishments on the beachfront that will continue to be operated by Meliá and under its brands (Sol Beach House Ibiza, Meliá Fuerteventura and Innside Fuerteventura).

The objective of the financial entity, which has a team specialized in the tourism-hotel sector, is to offer its clients the possibility of co-investing in these assets. Since 2008, the bank has managed more than 2,650 million euros in joint venture projects, in which 1,750 clients have participated, according to its data. The amount traded reached 570 million euros in 2022. The amount of the transaction has not been disclosed.

“This is an operation in a benchmark sector for Banca March, due to our origins, our in-depth knowledge of it and the close relationships we maintain with its businessmen,” the bank’s CEO, José Luis, stated in the statement. Acea. “We continue to work on exploring differential operations for joint growth with the sector,” he added.

For his part, Gabriel Escarrer, Executive Vice President and CEO of Meliá Hotels International, the operation is part of his “corporate alliances strategy” and says he is sure that his company “is the ideal partner to continue growing together with Banca March” with these types of formulas.

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