Tag: Incosol

Plans are Afoot to Refloat Marbella’s Former Incosol as a Hotel

26 November 2018 – Diario Sur

It is one of Marbella’s historical tourism buildings, it has been closed since 2013, and for years the most famous of the famous passed through its doors. It is the Incosol. Now, five years after it definitively closed its doors when its last owners filed for creditor bankruptcy, something is starting to move in the great establishment, located to the East of the town and surrounded by gardens and unbeatable views.

According to information obtained by this newspaper, Hotel Value Added Primera, linked to the subsidiary that the Sabadell Group used to acquire the building in 2017, is studying the feasibility of refloating the property as a hotel. For that, it has made contact with the local Administration to consider, in the first instance, the possibilities that the plans would have from an urban planning point of view. In theory, the plans involve a hotel project without the healthcare features that the iconic Incosol used to offer.

Although no specific plans have been presented to the Town Hall yet, the Urban Planning department has started to evaluate the investors’ proposals. From the outset, the exclusive hotel use would require a modification of the elements of the General Urban Plan (PGOU) in force, that of 1986. For the time being, the case is being studied technically.

The sources consulted by this newspaper underline that the urban development plan reflects that this land “would not form part of the municipality’s healthcare model”, which would open the door to the proposed change. In any case, and with the aim of understanding the feasibility of the idea presented to the Municipal Administration, the investors are not taking any risks and have resorted to those who best know the urban development plan in force, namely, the team that drafted the PGOU of 1986.

Since the hotel’s closure in 2012, and after many incarnations in the courts, last year, it was the Sabadell Group, through its real estate subsidiary, who took ownership of the property and the brand. Just a few weeks ago, the doors of the old hotel were opened again to clear the facilities of all of the furniture and furnishings that had been left intact since its closure and which have now been donated to Cáritas (…).

The legendary spa of the jet set of the 1970s and 1980s in Marbella (through whose doors passed Audrey Hepburn, Elizabeth Taylor, Sean Connery, Rainiero of Mónaco and Camilo José Cela, amongst others) closed in 2013, on one of the saddest days in its history, since it opened its doors in 1973. The failure led to a creditors bankruptcy (…). And after much to-ing and fro-ing, in the end, one of its creditors, Sabadell, acquired the establishment a year ago.

If the plans of the investor group interested in recovering the property – which are still in a very early phase – come to fruition, Marbella could include the mythical Incosol in its list of new luxury establishments after the upcoming arrival of the prestigious Four Seasons, the arrival of W Marbella and the re-opening of the former Don Miguel establishment, thus confirming the growing interest in investing in the city, especially to create new tourist infrastructure.

Original story: Diario Sur (by Mónica Pérez)

Translation: Carmel Drake

The Race To Buy Hotels On The Costa del Sol Intensifies

29 August 2017 – Málaga Hoy

More than 20 hotels along the Costa del Sol and in Málaga have changed hands in just three years. The exceptional data in the tourist sector and the lack of interest in other assets have converted hotel investment into a highly disputed prize. At the beginning of August, Internos Global Investors, a real estate investment fund founded in 2008 by Jos Short and Andrew Thornton, two Brits with prior experience in the real estate sector in the USA, confirmed the purchase of Vincci Posada del Patio, a five-star property located in the centre of Málaga, for €26.7 million. This is just one example of a phenomenon that seems unstoppable right now.

In July, the Hotel Príncipe Sol de Torremolinos changed hands for the second time in two years. The Meliá group sold it in 2015 to the US investment fund Starwood Capital. That operation formed part of a global agreement comprising seven hotel complexes in Spain. Nevertheless, the US firm held onto the property for just 24 months and sold it in July to the British fund London Regional Properties.

At the beginning of the year, Hispania Activos Inmobiliarios (….) acquired its third hotel in the province: namely, the NH Málaga, a complex for which it disbursed €23 million with the commitment of undertaking an extension amounting to an additional €18 million. In 2015, it acquired Vincci Málaga (€20 million) and in 2014, it purchased the four-star Hotel Guadalmina from the Moroccan businessman Judas Azuelos in an operation estimated to be worth €21.5 million.

(…) One of the Hispania’s rivals in the hotel market is HI Partners, created by Banco Sabadell in 2015 (…). That entity currently owns more than 30 establishments, of which three are located in Málaga. In 2015, it purchased the Hotel Silken Puerta Málaga, which has been renamed Sercotel Málaga (…). In 2016, it acquired Incosol (…) and at the end of last year, it bought the four-star Hotel Málaga Palacio from the AC Group (…).

In addition, at the end of 2016, the French fund Foncière des Régions spent more than €500 million on 19 hotel establishments that Merlin Properties owned in Spain, including the Tryp Alameda in Málaga. That operation was signed almost at the same time as the arrival of Activum SG Capital (….), which acquired the Marqués de Sonora building located on Calle Granada from the Azucarera Larios company, which it plans to convert into a luxury hotel with 82 rooms.

Moreover, Mazabi, an investment fund that manages the wealth of eight Spanish families, acquired the former Hotel Senator de Estepona at the end of 2015 (…).

Plenty of other groups have also expressed their interest in joining the ever-expanding list of investors with properties along the Costa del Sol, including the Mallorcan entity Logitravel, the hotel group Palia and the Catalan firm Estival Group (…).

Original story: Málaga Hoy

Translation: Carmel Drake

Sabadell Considers Listing HI Partners As A Socimi

29 May 2017 – Eje Prime

A new IPO may be on the horizon for the real estate arm of one of the large Spanish banks. Banco Sabadell is analysing the option of debuting its subsidiary HI Partners, through which it owns a portfolio of 31 hotels across Spain, on the stock market as a Socimi.

According to Expansión, the bank has engaged the investment banks Citi, JP Morgan and Credit Suisse to study the feasibility of the placement, whose final green light will depend on the entity’s President, Josep Oliu. The eventual debut on the stock market could take place after the summer.

Led by Alejandro Hernández-Puértolas and chaired by Enric Rovira, HI Partners was founded in 2015 by Sabadell to enable the Catalan entity to concentrate the ownership of the real estate assets linked to the tourist sector that it obtained as a result of foreclosures, into a single company. Through two companies, HI Partners Value Added and HI Partners Gestión Activa, the firm now owns 31 hotels with more than 3,500 rooms, which are managed by various hotel operators.

The group’s assets include establishments in Tenerife (the Hotel Jardín Tropical), Marbella (Incosol), Sitges (Terramar), Valencia (Acteon), Málaga (an establishment run by the hotel chain Silken) and Mallorca (the Hilton Sa Torre). In addition, HI Partners manages €800 million of the bank’s hotel debt.

Original story: Eje Prime

Translation: Carmel Drake

Jale Group Owner Acquitted Of Fraud In Incosol Case

27 July 2016 – Expansión

The former owners, the Basque García-Egocheaga family, had accused López Esteras of swindling them during his purchase of the prestigious medical-hotel complex.

The Provincial Court of Vizcaya has acquitted the businessman José Antonio López Esteras, founder of the Jale Group, of crimes involving fraud, continued fraud and concealment of assets, of which he was accused following the sale of Incosol, formerly one of the most prestigious medical-hotel complexes in Europe, located in Marbella.

In addition, his son José Antonio López Esteras Camacho and son-in-law, Alfred Fischbac, have also gone free. They are the former directors of the Cádiz-based holding company, which has now filed for liquidation but which was one of the largest companies in Andalucía in its hey-day, with real estate, construction and hotel businesses.

The case dates back to 2007, when Jale acquired Incosol from the Basque García-Egocheaga family – which also used to own the Hotel Los Monteros – for €50 million through a complex financial and corporate operation. Less than fourteen months later, they filed a lawsuit against the three executives mentioned above, asking for 24 years in prison and compensation amounting to €3.6 million on the basis that they had made payment guarantees and commitments assumed by the Andalucían group somehow disappear.

Those obligations were guaranteed through the constitution of a pledge over 100% of the shares in the company Hotel Monasterio San Miguel, S.A., whose main asset was the hotel of the same name – located in El Puerto de San María – one of the most reputable in Andalucía and the flagship of its hotel division.

Shortly thereafter, Jale filed for voluntary creditor bankruptcy, but before doing so, it reached an agreement with BBVA to transfer ownership of the property to the bank for €24 million, in a sale & leaseback operation.

The plaintiffs consider that, with this manoeuvre, the executives made “the guarantees that secured the fulfilment of its obligations disappear in a fraudulent way”.

Now, however, the Provincial Court of Vizcaya has acquitted them on the basis that “the evidence provided is not sufficient to conclude that the intention behind establishing the pledge over the shares of Hotel Monasterio was to deceive García Egocheaga, or hide from them the fact that the guarantee was going to disappear”.

In addition, the court said that the former owners of Incosol were offered other guarantees in real estate assets worth more than €30 million.

Original story: Expansión (by Simón Onrubia)

Translation: Carmel Drake