Stoneweg and Bain Capital acquire Ibiza hotel

Stoneweg and Bain Capital acquire Ibiza hotel

Hotel Don Carlos, Ibiza

Spain: Stoneweg Hospitality and Bain Capital Credit have purchased the Palladium Hotel Don Carlos, located in Santa Eulalia del Río town in Ibiza.

The four-star property has 168 rooms including 32 suites, two restaurants and a bar, a gym and swimming pool, along with direct access to the beach.

Plans involve repositioning the asset towards a lifestyle concept, opening up the communal areas to face the sea and enhancing the dining options.

Palladium Hotel Group will continue to manage the hotel until the end of 2022, when the renovation of the hotel will begin. A new operator will be appointed for the site.

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, said: “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.”

The acquisition of Hotel Don Carlos follows the purchase of Hotel Los Monteros Spa & Golf Resort in Marbella, as well as 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 conversion into a Hard Rock Hotel with 384 rooms. Hard Rock Hotel Marbella is expected to reopen in June this year.

Be in the know.

Subscribe to our newsletter »