Xeresa Golf Completes a €4.7M Capital Increase

12 December 2018 – Alicante Plaza

The company that owns the Villaitana hotel complex in Benidorm, Xeresa Golf, has completed the capital increase that it launched in August, after emerging from creditor bankruptcy by fulfilling the agreement and acquiring the plot on which the resort was constructed, which was initially occupied on a concession basis. Thus, as reflected in the Official Bulletin of the Mercantile Registry (Borme) of Alicante on Tuesday, the company has subscribed a €4.7 million capital increase (the total amount), and so the resulting subscribed share capital amounts to €9.2 million, more than twice the figure before the operation.

It is not the first capital increase that Xeresa Golf has undertaken in its checkered history. In recent years, the firm founded at the time by the entrepreneurial Cremades family from Gandía, has resorted to “accordion operations” to wipe its debt, and to add or expel shareholders (the firm was created with several representatives of the jet set amongst its minority shareholders), and, on the penultimate occasion, to articulate the entry of its current majority shareholder, the hotel management company HI Partners, which owns 80% of its share capital.

Nevertheless, this new increase has basically been covered by its current shareholders (the hotel company owned 80% and the Cremades held onto 20%), according to sources. In fact, the shareholders of Xeresa Golf had preferential subscription rights, which, according to the same sources, they exercised. HI Partners acquired the majority of the company in 2017 (…) by offsetting the loan that the firm owned by the Cremades family held with Banco Sabadell, which was the owner of the hotel management platform at the time (and which was created specifically to manage the hotel assets that the entity had had to assume).

Just a year ago, the bank sold its hotel division to the US fund Blackstone, which is the ultimate owner of the 17 hotels that comprise the portfolio of HI Partners, including the asset in Benidorm (…).

Owner of the plot

This new capital increase comes shortly after Xeresa Golf has become the owner of the plot on which Hotel Villaitana stands (two four- and five-star hotels and several golf courses) in the PEDUI of Terra Mítica. Xeresa Golf submitted the best offer in the auction for the plots convened by the Consell, although in reality only two bids were made and the other one came from HI Partners. In fact, the capital increase was carried out for a similar amount to the price offered by the hotel owner to acquire the land on which it stands: €4.8 million plus taxes.

Similarly, the company that owns the hotel complex managed by the chain Meliá has overcome another milestone in the last year, that of definitively emerging from the creditor bankruptcy that it entered in 2012 (…).

Original story: Alicante Plaza (by David Martínez)

Translation: Carmel Drake

Valencian Gov’t Will Pocket €24M From Sale of Land Next to Terra Mítica

17 January 2018 – Eje Prime

Provided there are no last minute surprises, the Valencian Government will make some money from the sale of the land it owns next to Terra Mítica. Specifically, the public body will pocket €24 million from the sale of eight of the nine lots that it put up for auction in September. The only plot that has not received offers has been reserved for conferences.

The vast majority of the companies interested in the lots up for sale are the same ones that have been granted the concessions for the land in recent years, with the exception of Terra Natura, the zoo owned by Grupo Corporativo Fuertes, which has not participated in the bid, according to Expansión.

The owners of the two largest complexes close to the Valencian theme park, Villaitana and Asia Gardens, have bid for the plots that they used to manage by submitting offers just above the auction starting prices. In the first case, HI Partners, the hotel company that was recently purchased by the US fund Blackstone, has made two offers: one through the current concessionaire of the land, Xeresa Gold, and another in the name of HI Partners itself, which owns 80% of Xeresa.

Meanwhile, the luxury Asia Gardens resort, managed by the Barceló group, has sparked great interest. For this complex, which occupies three of the plots up for auction, the highest offer has been presented by an unknown player in the area. Not in vain, the company Mítica Finestrat Investment, which is headquartered in Madrid, could end up being the surprise winner, given that, according to Expansión, its bid was slightly higher than that made by the Royal Mediterránea company, run by Pedro Romero and in which Barceló holds a 17% stake.

Nevertheless, Romero holds a preferential purchase right over the plots and so, even if he does not end up winning the auction, he will have 30 days to improve on the highest offer, which will amount to around €11 million.

For the rest of the plots, the Terra Natura area will, a priori, remain in the hands of Camping La Media Legua, owned by the Puchades family. Moreover, the Puchades family will fight it out, together with Dynastic Explotations, owned by another illustrious businessman from the region, Vicente Sempere Monerris, for the new sports tourism area.

Original story: Eje Prime

Translation: Carmel Drake

Valencian Gov’t Receives 13 Offers for Land Next to Terra Mítica

7 December 2017 – Eje Prime

The Valencian Government has already managed to generate investor interest in the plots of land next to the region’s theme park, Terra Mítica, in Benidorm. The public administration has received thirteen offers for eight of the nine plots that it has put up for auction with a sales value of €26.35 million.

For those plots, which together span a combined surface area of 2.79 million m2, the ‘Sociedad Proyectos Temáticos de la Comunidad Valenciana’ (SPTCV or Company for Theme Park Projects in the Community of Valencia) has received proposals from ten companies, according to a report from the regional government itself. More offers may still be received over the next few days, through other public registers or by registered post, according to Expansión.

The transfer of land will be carried out with the right of use already granted to several companies for the next few decades. Such is the case of the Villaitana (Meliá) and Asia Garden (Barceló) hotels, as well as the land that is currently occupied by the Terra Natura theme park.

Original story: Eje Prime

Translation: Carmel Drake