This multi-asset deal is based in S’Algar, in the south-east part of Menorca, and counts 465 hotel rooms and apartments separated in four sea-facing hotels.
Jointly with the hotel assets, the deal comprises of a beachclub, three restaurants, one bar, a sports center, a supermarket, a Spa and two apartments.
Stoneweg intends to build a further 27 rooms, reaching 492. It will consist of a share deal, with a new SPV by Stoneweg acquiring two holdcos. The compound will be operated by Alua (ALG), a +$5bn revenue company already managing KKR and Blackstone hotels, through a fix and variable rent schedule.
|Acquisition price||€ 30.5 million|
|Total Investment||€ 43 million|
|Target IRR||> 20%|