Stoneweg Hospitality (“Stoneweg”) and Bain Capital Credit, LP (“Bain Capital Credit”), via their real estate hospitality joint venture (the “JV”), have acquired the Palladium Hotel Don Carlos in the coastal town of Santa Eulalia del Río, Ibiza.
The four-star hotel has 168 rooms, 32 of which are suites, and is located 20 minutes’ drive from Ibiza airport. The seafront location has direct beach access and is surrounded by mountains, a lush pine forest and the Santa Eulalia river. It has excellent facilities including two restaurants, a bar, gym and a large 250 sq m swimming pool.
The JV plans to reposition the hotel towards a lifestyle concept, opening up the communal areas towards the sea and establishing innovative dining options. Palladium Hotel Group will continue to manage the hotel until the end of the 2022 season, when the renovation of the hotel and management by a new operator will begin.
Miguel Casas, Managing Director of Stoneweg Hospitality, said: “This is our third hotel acquisition with Bain Capital Credit so far this year, which is testament to the strength of our on-the-ground relationships and our commitment to the hospitality sector, where we continue to see exciting opportunities to acquire high-quality, well-located assets with significant value add potential. We look forward to working with them on this latest project and towards the delivery of robust returns to our investors.”
Fabio Longo, Managing Director of Bain Capital Credit: “Palladium Hotel Don Carlos is a great hotel in a prime location. Our experience in the Spanish hotel sector will allow us to strategically invest in its facilities and rehabilitate the venue to its full potential, in partnership with Stoneweg.“
This is the JV’s third acquisition in 2022 following the purchase of Hotel Los Monteros SPA & Golf Resort in Marbella and Hotel Mimic in Barcelona. Last year the JV acquired 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 this year.