Intertur Hotels to get makeovers
High-profile investment firm KKR and asset manager Dunas Capital have agreed to buy and update the holdings of Intertur Hotels, which consists of four properties in Spain’s Balearic Islands. Under terms of the deal, the hotels—which include two properties in Mallorca’s Palma Nova area and two in Ibiza (in Santa Eulàlia and San Antonio, respectively)—will be managed by hospitality group Alua Hotels & Resorts.
The KKR-led venture says it will reposition and enhance the properties, which have a total of 1,119 keys. Financial terms of the transaction were not disclosed.
“This portfolio of quality assets in strong locations offers a very solid basis to create value in a market benefiting from strong tailwinds,” says Guillaume Cassou, head of European Real Estate at KKR. “This acquisition represents an exciting first step in KKR’s partnership with Dunas Capital and Alua, and all groups are looking forward to doing more together.”
KKR says the investment underlines its strong interest in leisure hotels in Southern Europe. Alua will begin managing the newly acquired hotels once the deal is closed, and plans to market the properties under its brand starting next year. The partners say the deal will leverage the real estate expertise of New York-based KKR and Iberian asset manager Dunas Capital, as well as Alua’s hospitality know-how.
“We believe that the Spanish tourism sector currently has great potential and we are convinced that the combination of the capabilities of the three groups will yield very positive results,” says Andreu Nubiola, managing director at Dunas Capital Real Estate.
Javier Aguila, ceo and co-founder of Alua Hotels & Resorts, adds: “The transaction is a key milestone for our group, bringing rooms under management to over 3,200 in less than two years, thanks to the great job of our teams on the ground and the continued support of our shareholder, Alchemy Partners.”
Alua currently has a portfolio of 15 hotels in the Balearic and Canary Islands, with plans to expand with further hotels/resorts in Iberia.
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