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Cerberus Fund Buys SAREB Hotel Loans For €200 Million

23/12/2014 – Preferente.com

Debt portfolio with 25 hotels as underlying assets

Cerberus has reached an agreement with SAREB to buy a portfolio of loans secured by the 25 hotels whose total worth amounts to about €200 million. The sale of the Meridian Project was one of the most interesting deals of the bad bank.

As El Confidential reminds, José María Aznar Botella – son of former President Aznar and the Mayor of Madrid, Ana Botella – is one of the partners of the purchasing fund, which apparently has decided to increase Spanish presence in its top management in order to qualify for major real estate transactions in Spain.

This summer, Cerberus bought the nationwide real estate division of Sotogrande for over €200 million from NH Hotels. In the hotel loans market, another recent and important transaction was the sale of a €400-million package of loans with 27 hotels as underlying assets to Starwood Capital and Sankaty by Bankia.

Original article: Preferente.com

Translation: Aura REE