The Spanish Council of Ministers has given the green light to an aid packages from the Solvency Support Fund for Strategic Companies (FASEE) of the State Industrial Ownership Corporation (SEPI). It has a uthorised a €30 million rescue for Abba Hotels.
“Thanks to this aid and others, this sector has endured and now we have data that we are celebrating in the month of March and we have to see how they culminate in April,” said the Minister of Territorial Policy and Government spokesperson, Isabel Rodríguez.
The aid to Abba Hotels will be channelled through the granting of a participative loan of €17.80 million and an ordinary loan of €12.20 million.
The company has 22 3 and 4-star hotels, most of them in Spain. Due to its territorial presence, Abba generates employment and tourism in Cantabria, Asturias, Castilla y León, Andalusia, Catalonia and Madrid.
Ramón y Cajal Abogados advised SEPI with a team comprising partners Alfonso Cárcamo, Cristina Vidal, and Javier Menchén, together with senior lawyer David Díaz and lawyer María Heredero.