Once the transaction is completed, the new owners will undertake an ambitious refurbishment of the hotel, which will be managed by THB Hotels.
Atalaya continues with its hotel acquisition programme in Spain. The hotel investment fund led by Andbank, Navis Capital and THB Hotels has acquired the Hotel Bamboo Alcudia (Mallorca), which will reopen in the 2023 season after a €10 million refurbishment. The company will convert the establishment into a “sustainable” four-star hotel with 208 rooms and two outdoor swimming pools.
The hotel fund already bought the Hotel San Fermín in Benalmádena (Málaga) in November, and now formalises its second acquisition with the Bamboo Alcudia (Mallorca) as part of its investment project of more than €160 million in holiday hotels in Spain, according to Andbank in a statement.
Atalaya plans to purchase between six and ten medium-size four-star hotels, (between 150 and 200 rooms) located mainly in the Balearic Islands, Canary Islands and Costa del Sol, common destinations for both sun and beach and European tourism.
Deloitte Legal’s M&A team advising on the transaction was led by Corporate/M&A director Manuel Romero Cabello de Alba, and comprised senior associates Lluca Compte and José Manuel López, and lawyers Andrea Suárez, Jose Maria Ortiz Rubio and Belén Zúñiga.