The Los Monteros Spa & Golf Resort in Marbella, Spain has been sold to a joint venture (JV) comprising Stoneweg Hospitality and Bain Capital Credit. According to Idealista, the 5-star hotel was sold for €47,000,000.
It is the second investment undertaken by the JV in the Marbella area following the acquisition of the Andalucía Plaza hotel in Puerto Banús in 2021, which is currently being converted into the Hard Rock Hotel Marbella.
Originally constructed in 1962, the five-star resort comprises 173 rooms, of which more than half are suites; a large outdoor swimming pool; three restaurants, including El Corzo, the first hotel restaurant in Spain to have received a Michelin Star; a spa and gym and thirteen tennis courts.
One of the first five-star hotels in Spain, the resort has hosted numerous famous guests over the years including royalty, musicians and Hollywood stars.
The hotel has more than 10,700 sq ft of space to host corporate and social events, including conferences and weddings. The resort’s celebrated luxury beach club, La Cabane Beach Club, provides magnificent beachfront views of the ocean in an elegant setting.
The hotel is located to the east of central Marbella, close to the town’s marina, luxury designer boutiques, upmarket bars and dining options, while several other golf clubs are a short drive away.
The JV will modernise the asset through a complete refurbishment of the resort, restoring it to a luxury standard while keeping the essence of its prestigious history.
Miguel Casas, Managing Director of Stoneweg Hospitality said: “Los Monteros is a Marbella institution and it is an exciting opportunity for us to bring this historic asset back to its former glory through a programme of active asset management including a full refurbishment. The Spanish hospitality market continues to show signs of a strong recovery following two years of Covid disruption and, together with our partner Bain Capital, we look forward to welcoming guests back in the near future.”
Fabio Longo, Managing Director at Bain Capital Credit, added: “By utilising our combined expertise in the Spanish hospitality industry, we will be able to modernise this resort to meet the demands of guests and potential operators, while being sympathetic to its unique features that have made it a popular and much-loved holiday destination for many years.”
This acquisition follows the JV’s purchase of the Andalucía Plaza hotel complex in the heart of Puerto Banús, Marbella, which is currently undergoing a complete transformation to convert the site into a Hard Rock Hotel with 384 rooms, including 50 suites. Hard Rock Hotel Marbella is expected to welcome its first guests in June 2022.
Source: Press release BainCapital.com
