Stoneweg Hospitality and Bain Capital Credit have agreed to buy the group of companies that owns and operates the Hotel Los Monteros Spa & Golf Resort in Marbella, Spain through their real estate hospitality joint venture.
According to reports in the Spanish press the deal is worth around €47 million.
It is the second investment undertaken by the JV in the Marbella area following the acquisition of the Andalucía Plaza hotel in Puerto Banús in 2021, which is currently being converted into the Hard Rock Hotel Marbella.
Originally constructed in 1962, the five-star resort comprises 178 rooms, suites for the most part; a large outdoor swimming pool; three restaurants, including El Corzo, the first hotel restaurant in Spain to have received a Michelin Star; a spa; a gym; seven tennis courts; and six paddle courts.
One of the first five-star hotels in Spain, the resort has hosted numerous famous guests over the years including royalty, musicians and Hollywood stars.
The hotel has more than 10,700 sq ft of space to host corporate and social events, including conferences and weddings.
The hotel is located to the east of central Marbella, in an area of beaches close to the town’s marina, designer boutiques, bars and dining options, while several golf clubs are a short drive away.
The JV will modernise the asset through a gradual refurbishment of the resort, restoring it to a luxury standard while keeping the essence of its history.
The hotel’s owner, Moroccan businessman Judas Azuelos, died last year.
Together with joint venture partner Bain Capital, Stoneweg has been very active in the hotel market over the past 12 months, adding a number of properties, including the H10 Andalucía Plaza, also in Marbella.
Stoneweg also recently added the Hotel Mimic in Barcelona to its portfolio for €20 million, according to Expansión.
What They Said
Miguel Casas, managing director of Stoneweg Hospitality said: " Los Monteros is a Marbella institution and an excellent opportunity to position the hotel as a leading luxury destination hotel with a programme of active asset management including a gradual refurbishment. The Spanish hospitality market continues to show signs of a strong recovery following two years of Covid disruption and, together with our partner Bain Capital, we are very excited about the opportunity that Hotel los Monteros represents."
Fabio Longo, managing director at Bain Capital Credit, added: “By utilising our combined expertise in the Spanish hospitality industry, we will be able to gradually modernise this resort to meet the demands of guests and potential operators, while being sympathetic to its unique features that have made it a popular and much-loved holiday destination for many years.”
This article has been updated to reflect confirmation of the deal.