Tag: beachfront

Mabel Capital Purchases the Los Llanos Estate in Estepona for €20M

14 February 2019 – Preferente

Mabel Capital, the investment company owned by Abel Matutes Prats y Manuel Campos in which the sports players Rafa Nadal and Pau Gasol also own stakes, has completed the purchase of Los Llanos estate, on the beachfront in Estepona, spanning almost 40,000 m2, for €20 million. Luxury homes are going to be constructed on the plot, according to La Información.

The owner of the estate was the company Vee Inmuebles Estepona SL, behind which, as the administrator, was the German magnate Uwe Cloppenburg, owner of the retail textile chain Peek & Cloppenburg, who was asking €20 million for the plot in a single payment.

The estate has a buildable surface area of 10,000 m2, therefore, it may be used for single-family homes. The most likely outcome is the construction of luxury apartments on the beachfront in one of the most sought-after and expensive areas of the Costa del Sol.

In March 2018, the investment company owned by Matutes closed one of the most important real estate operations in Portugal. Mabel Capital acquired four buildings in Lisbon, for which it paid more than €74 million, as previously reported by preferente.com

Original story: Preferente (by R.P.)

Translation: Carmel Drake

Meliá Finishes a €30M Renovation of its 900-Room Mega-Complex on the Costa del Sol

10 December 2018 – Diario Sur

Following the comprehensive renovation of the Don Pablo, Don Pedro and Don Marco Hotels, Meliá is preparing to change the brand to Sol Torremolinos Resort, with almost 900 rooms.

Just a few handcrafted details, commissioned in the 1970s, remind visitors of the origins and essence of the hotels Don Pablo, Don Pedro and Don Marco. They have undergone a comprehensive transformation following a €30 million investment to relaunch and consolidate them as the largest hotel complex in the Costa del Sol. The renovation work has taken three years and the only improvements left to make now, during the winter months, are in the spa located in the Don Marco Hotel, which is closed for the season, and in the indoor swimming pool, one of nine in the complex, explained Jaime Floyer, Director of Sol Don Hoteles. He added that Meliá is now preparing to change the brand to be renamed Sol Torremolinos Resort.

The three-hotel complex has modern façades, terraces that look like they end in the sea, a beach club and seven conference rooms, which have been renovated and equipped with the latest technology and with capacity for up to 500 people. It also has bedrooms and completely renovated common areas, plus 50,000 m2 of gardens and swimming pools, where the new work has improved the flow of clients from one hotel to another, to create the largest hotel complex on the Costa del Sol. “It is a resort that is looking to the future, we employ 210 people on average and we have a great diversity of nationalities amongst our loyal client base, with cases of tourists who spend up to five months here in the winter”, explained Jaime Floyer.

The new Sol Torremolinos Resort, on the beachfront, accounts for 5% of the hotel supply in Torremolinos, the town that is first in the ranking on the Costa del Sol by volume of hotel beds. This complex also has the advantage that it has an infrastructure that allows it to position each establishment in different and booming segments. In this way, Don Marco, the youngest of the hotels, inaugurated in 2004, as a four-star, 120-room property, is marketed as an establishment recommended for “adults only”.

By contrast, Sol Don Pedro is more focused on families (…); it opened to the public in 1971 and currently offers 344 rooms (…). Meanwhile, Don Pablo, with 442 rooms, is the big brother of the business (…) and opened its doors in 1974 (…).

In terms of the profile of clients, 25% are domestic, and the rest are from overseas, with Brits (24%) and Belgians (15%) standing out in particular (…).

Original story: Diario Sur (by Pilar Martínez)

Translation: Carmel Drake

Taylor Wimpey España will Launch 6 New Developments in H1 2019

7 December 2018 – Eje Prime

Taylor Wimpey is going to continue betting on second homes in Spain. The British property developer is going to launch six new developments in the country during the first half of 2019. The projects will contain 330 homes in total and will be located in three main areas: the Balearic Islands, the Costa del Sol and the Costa Blanca.

The real estate company, which celebrates its 60th anniversary this year, will start work on the three projects in the Balearic Islands, two on the Costa del Sol and a sixth on the Costa Blanca next year. “As always, our priority is to look for locations on the beachfront with access to golf facilities”, explained the company in a statement.

Specialising in international buyers, Taylor Wimpey España has received reservations from 37 different nationalities this year. Of all the countries, Germany stands out, where 27% of its clients have come from, and the United Kingdom, which has accounted for 12% of all the reservations made.

With more than 6,000 homes constructed over its six-decade history, the property developer is listed on the London Stock Exchange and undertakes its developments using own funds, a fact that “influences” buyers, according to Marc Pritchard, the company’s sales director. “For buyers, it is a guarantee of the development’s success since the investment is not affected by possible fluctuations in the market”, said the executive.

In 2018, Taylor Wimpey arrived in Sotogrande as an extension of its presence on the Costa del Sol, as revealed by Eje Prime. In the four months since its project Pier Sotogrande has been on the market, the property developer has managed to obtained reservations for 30% of the 56 homes that will make up the promotion.

Original story: Eje Prime

Translation: Carmel Drake

Jesús Ger Starts Building Homes Again in Marina d’Or

24 May 2018 – Expansión

New homes are being built again in one of the major symbols of urban development along the Spanish coast: Marina d’Or. The developer and owner of a large proportion of the popular resort town of Oropesa (Castellón), Jesús Ger, has launched his first housing development, after more than a decade of paralysis due to the real estate crisis.

The new residential block will have 11 storeys and will house 286 apartments on one of the last remaining unbuilt plots on the beachfront of the tourist complex.

Nevertheless, the return to real estate activity has not materialised through the companies traditionally linked to Marina d’Or, but instead is being carried out by Inseryal, the property developer whose sole administrator is Sandra Rodrigues, the wife of Jesús Ger.

Inseryal has already started off-plan marketing of the homes in the so-called Edificio Miramar. The apartments, all of which are going to have two bedrooms in theory, will go on sale for upwards of €129,000 plus VAT. At those asking prices, the new block should generate revenues of at least €37 million for the property developer, which expects to complete this project in June 2020.

The first development in Marina d’Or since the crisis comes at the same time as the completion of the bankruptcy proceedings of Comervi, Ger’s main real estate company, which approved its creditors’ agreement a few weeks ago. The group became one of the most famous developers of holiday homes in Spain, with turnover of €345 million in 2007. Despite the debt, Ger has withstood the lean times thanks to the other branch of his business, tourist accommodation.

Original story: Expansión (by A.C.A.)

Translation: Carmel Drake

Bonavista to Invest €100M in Luxury Homes in Barcelona

5 December 2017 – La Vanguardia

The property developer Bonavista Developments will invest €100 million over the next three years in luxury housing in Barcelona. It will focus on both new-building developments and renovation projects, primarily in the upper area of the Catalan capital, as well as in El Eixample.

Specifically, the company has recently started work on the renovation of a building at number 34 Calle Girona in Barcelona. It has also launched two new build developments on the beachfront in Gavà Mar (Barcelona) and Calle Saüc in the Barcelona neighbourhood of Sarrià, according to a statement issued by the company on Tuesday.

Until now, the most iconic project carried out by Bonavista Developments has been the renovation of the modernist Casa Burés building, which involved an investment of €40 million and which is expected to be completed in 2018.

Bonavista Developments, associated with the British fund Europa Capital, focuses on both domestic and international clients and has identified the figure of a new buyer who spends periods of between two and three months in Barcelona.

The partners of Bonavista Developments, founded in 2014, are Jacinto Roqueta, Àlex Miquel and Marcus Donaldson, and the company manages the investments of Europa Capital, a British manager controlled by the Japanese group Mitsubishi Estate, which channels investments from institutions, such as insurance companies and pension funds, from Europe and the USA.

Original story: La Vanguardia 

Translation: Carmel Drake

Madrilenian Investor Group Buys Hotel Las Vegas In Málaga

17 November 2017 – Diario Sur

A Madrilenian investment group has acquired Hotel Las Vegas, in the centre of Málaga, which has been operating for more than half a century. The new owners, who want to remain anonymous, have signed an agreement with the Malagan chain Soho Boutique Hotels, founded by Antonio Gordillo and Gonzalo Armenteros de Dalmases, to operate this hotel facility for a period of 30 years. Although the amount paid for the purchase operation has not been disclosed, Gordilla did reveal the future plans for the establishment: Soho Boutique Hotels is going to invest around €2 million immediately in the complete renovation of the facilities, located right on the beachfront and with 107 rooms.

With the management of this hotel, the Malagan group is now the chain with the most hotel establishments in the capital, given that it already operates the Itaca Málaga, Soho Bahía Málaga, which will see its category rise to a four-star property at the beginning of next year, following a €500,000 investment, Soho Los Naranjos, Soho Boutique Málaga and now Soho Las Vegas, encompassing 270 rooms in the city in total.

Antonio Gordillo, partner and director general of the chain, wanted to send a message of calm to the workforce and assure the thirty employees that they are guaranteed the same conditions they have enjoyed until now. “We are a young chain, we started out in 2010, and one of our maxims is that our employees represent one of the company’s greatest assets. We place a lot of emphasis on ensuring our staff are happy and motivated”, he said.

In terms of the new activity for Soho Las Vegas, Gordillo said that all of the furniture, beds and televisions, amongst other items, will be replaced immediately, to adapt them to the needs of guests and the quality standards of the group. In the second phase, they are planning more comprehensive work such as the renovation of bathrooms and the launch of new services. “We are really surprised by how well the facilities have been maintained”, he said.

Soho Hoteles does not rule out incorporating more establishments in the city. The chain is in full swing with its expansion process, with new projects in Madrid and Cádiz. It already has establishments in Sevilla, Córdoba, Jerez, Granada, Fuengirola, Cáceres and Salamanca, taking its total portfolio to fifteen, including the properties in Málaga. “The company’s turnover amounts to €16 million, and in 2018 we expect to double that figure thanks to the new additions, including Soho Las Vegas”, he said, adding that the key to the chain’s success is that all of its establishments are located in the city centre. As such, they register an average annual occupancy rate of 82% and a revenue per available room (RevPar) of €82.

Original story: Diario Sur (by Pilar Martínez)

Translation: Carmel Drake

Fergus Incorporates Hotel Club Bahamas (Ibiza) Into Its Portfolio

17 October 2017 – Hosteltur

Fergus Hotels has incorporated the 3-star Hotel Club Bahamas into its portfolio, which will operate from 2019 as a 4-star property under the name: Fergus Style Bahamas. With this agreement, the Mallorca-based chain has made its debut in Playa d’en Bossa, Ibiza, with a project to reposition and increase the star rating of the hotel.

The hotel chain is committed to expansion in the Balearic Islands and will start to manage the latest hotel from November 2018 onwards. The establishment has 528 rooms, an extensive range of restaurants, several swimming pools, a gym, spa and garden areas. It represents the first hotel to be operated by Fergus in Ibiza under its Style brand. The establishment had been managed by Nordotel until now.

The repositioning of the property as the Fergus Style Bahamas will involve the renovation of a large number of the features offered at the hotel. Its location, on the beachfront of Playa d’en Bossa and its proximity to the island’s main leisure, shopping and restaurant areas will allow the hotel’s clients to enjoy a wide variety of activities during their holidays on Ibiza.

Fergus is currently undergoing an expansion phase, incorporating new hotels to join those already in its portfolio. The firm is committed to offering better services and facilities through the repositioning of its hotels and the creation of tailor-made products for its clients. Its short- and medium-term plans include incorporating its first assets outside of the Balearic Islands, within Spain, as well as undertaking its first transactions on the international stage. The chain has focused on the Balearic Islands, in particular, said Bernat Vicens, Director General of the chain, speaking to Hosteltur recently, but Fergus Hotels wants to establish a solid and stable presence beyond the Balearic Islands, he added.

Original story: Hosteltur

Translation: Carmel Drake

Hispania Buys Hotel Oasis Resort In Lanzarote For €28M

22 July 2016 – Expansión

The Socimi Hispania, through its subsidiary Bay Hotels & Leisure, has acquired 100% of the company Inversiones Inmobiliarias Oasis Resort, owner of the Hotel Oasis Resort located in Costa Teguise (Lanzarote), from CaixaBank and Metrópolis for €28 million.

After this operation, the Barceló Group will operate the hotel under a lease contract, which forms part of the framework agreement that governs all of the hotels operated by the group.

The 4-star property has 372 rooms and is located right on the beachfront, opposite Hotel Barceló Lanzarote.

As part of its investment strategy, the group is considering integrating this asset with Hotel Barceló Lanzarote, with the aim of creating a mega resort with almost 800 rooms on the beachfront.

Although the hotel was refurbished recently, an investment of €4 million is planned to bring it up to Barceló’s standards.

Following this acquisition, Hispania now owns 35 hotels, primarily in the vacation segment, and so has more than 10,400 rooms, making it the largest (non-operator) hotel owner in Spain.

According to Hispania’s CEO, Concha Osácar, the Canary Islands is a key market for the company, given its stable occupancy rates throughout the year and its high degree of exposure to European tourists.

On 18 July, Hispania acquired 100% of the shares in the company Later Deruser, owner of the Hotel Paradise Portinatx in Ibiza (Balearic Islands) for €11 million, which will also be operated by Barceló.

Original story: Expansión

Translation: Carmel Drake

Hispania Buys 3 Hotels In Ibiza For €32M

14 June 2016 – Expansión

Hispania has purchased 100% of the shares in the company Real Estate San Miguel, which owns three hotels in Ibiza – the Hotel Galeón (4 stars and 182 rooms), the Hotel Cartago (3 stars and 196 rooms) and the Hotel Club San Miguel (3 stars and 106 rooms) -, for €32 million.

In addition, Real Estate San Miguel is the owner of several apartments next to Hotel Cartago and a restaurant attached to the Hotel Club San Miguel. The assets are all located in Cala de San Miguel, on the beachfront.

Hispania will undertake major investments in these properties, depending on the final category (star rating) of the hotels and the outcomes of the negotiatios with the operators.

Investment in renovation work

Specifically, the Socimi controlled by Azora and in which George Soros owns a stake, plans to carry out a complete renovation of the three hotels at the end of the 2017 season. The initial planned investment amounts to €35 million.

The plans of the company, which debuted on the stock exchange in March 2014, involve maintaining the current operators of the hotels until the end of the 2017 season, when the management of the three assets will revert to a single operator.

Currently, Iberostar operates Hotel Galeón, whilst Stella Polaris is responsible for the management of the other two establishments. The Socimi will now analyse which hotel chain is, in its opinion, the most suitable to take on the management of its new hotels in Ibiza from 2017 onwards.

This operation, advised by Aguirre Newman, allows Hispania to strengthen its commitment to the vacation hotel sector in the Balearic Islands and, specifically, in Ibiza, where it already owns the recently repositioned Hotel Barceló Pueblo Ibiza.

Hispania also owns a stake in Bay Hotels & Leisure – the Socimi created together with Barceló in 2015, which also focuses on the vacation hotel segment – . The company’s share price fell by 4.3% on the stock exchange yesterday to close at €11.33/share.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake