The real estate hospitality joint venture formed by Bain Capital Credit and Stoneweg Hospitality have bought the 400-room Andalucía Plaza hotel complex in Marbella.
The property will continue to be operated by H10 Hotels until the end of 2021 but the new owners are planning to renovate and reposition the complex into a lifestyle destination.
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.
“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,” Fabio Longo, a managing director at Bain Capital Credit, said. “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.”
The hotel was built in the 1970s and claims to be the first building in the now thriving area of Puerto Banús.