This is Stoneweg Hospitality and Bain Capital Credit’s second investment on the Costa del Sol after purchasing Andalucía Plaza to build a Hard Rock hotel
The Stoneweg Hospitality fund and Bain Capital Credit have reached a deal worth 47 million euros to acquire the group of companies that owns and operates the Los Monteros Spa and Golf Resort hotel in Marbella, the group has confirmed.
This is the group’s second investment on the Costa del Sol, having purchased the Andalucía Plaza in Puerto Banús at the end of 2021, which is currently being renovated to become the Hard Rock Hotel Marbella.
The new owners say they want to “gradually modernize the establishment” while “maintaining the essence of the hotel”, originally built in 1962. The five-star resort has 178 rooms, most of which are suites, a large swimming pool 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, a 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 a great opportunity to position the hotel as the destination’s ‘luxury’ leader with an active asset management program, including its progressive renovation.
He went on to say: “The Spanish hotel market continues to show strong signs of recovery after two years of disruption due to Covid. With our partner Bain Capital, we are very pleased with the opportunity this property represents.
Fabio Longo, Managing Director of Bain Capital Credit, said: “Thanks to our experience in the Spanish hotel sector, we will be able to gradually modernize this complex to meet the demands of customers and potential operators, while respecting the characteristics that have made it a unique and popular holiday destination for many years.”
Stoneweg, headquartered 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 nearly five billion euros.