Investment companies shell out 47 million euros for Marbella's Los Monteros Hotel, Spa and Golf Resort

This is Stoneweg Hospitality and Bain Capital Credit's second investment on the Costa del Sol after purchasing the Andalucía Plaza to build a Hard Rock hotel

Pilar Martínez

Málaga

Monday, 31 January 2022, 13:53 | Updated 14:32h.

The Stoneweg Hospitality fund and Bain Capital Credit have closed a deal worth 47 million euros to acquire the group of companies that own and operate the Hotel Los Monteros Spa and Golf Resort in Marbella, the group has confirmed.

This is the group's second investment on the Costa del Sol, having bought the Andalucía Plaza in Puerto Banús at the end of 2021, which is currently being refurbished to become the Hard Rock Hotel Marbella.

The new owners say that they aim to "modernise the establishment gradually" while "maintaining the essence of the hotel", which was originally built in 1962. The five-star complex has 178 rooms, most of which are suites, a large outdoor swimming pool and three restaurants including El Corzo which was the first hotel restaurant in Spain to receive a Michelin star.

There is also a spa, gym, seven tennis courts and six padel courts. It was one of the first five-star hotels in Spain and has hosted royalty, musicians and Hollywood stars.

Miguel Casas, CEO of Stoneweg Hospitality, said: "Los Monteros is an institution in the Marbella hotel market and an excellent opportunity to position the hotel as the destination's 'luxury' leader with an active asset management program, including its gradual refurbishment."

He went on to say, "The Spanish hotel market continues to show strong signs of recovery after two years of disruption due to Covid. Together with our partner Bain Capital, we are very excited about the opportunity that this property represents."

Fabio Longo, managing director of Bain Capital Credit, said, "Using our experience in the Spanish hotel sector, we will be able to gradually modernise this resort to meet the demands of guests and potential operators, while respecting the characteristics that have made it a unique and much-loved holiday destination for many years."

Stoneweg, whose headquarters are in Geneva, has offices with local management teams in Spain, Switzerland, the United States, Italy, Andorra and Ireland. To date the company has completed more than 300 transactions worth almost five billion euros.

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