8 July 2016 – Preferente.com
The fund HI Partners is on the verge of completing the purchase of two hotels from the Princess de Estepona chain, which will be operated by Matutes under the Hard Rock brand. The agreement is due to be signed on 15 July.
HI Partners and the Cabrera family, owner of the Princess hotel chain, have been negotiating this deal for more than six months. Matutes was the group chosen by the funds to operate the two properties from the get-go.
Initially, the Ibiza-based group analysed the conversion of the complex into a Ushuaïa model hotel, but in the end it is going to opt for the Hard Rock brand, just like it is doing in other Spanish destinations outside of the island of Ibiza.
The representatives of HI Partners held meetings with members of the Cabrera and Matutes families in Ibiza, when they visited the island in the middle of May. There, they saw the operations of Ushuaïa at first hand.
The fund Starwood holds a stake in HI Partners, but the fund’s main shareholder is Banco de Sabadell, which has a strong presence in the hotel sector. The fund previously tried to close a deal with the Amengual family, but that did not go ahead in the end.
The hotels in question are the Andalucía Princess, a four-star 383-room property; and the Costa del Sol Princess, with 118 rooms (including 15 family rooms) and 12 suites.
Original story: Preferente.com
Translation: Carmel Drake