Bain Capital Credit’s special situations strategy became “Bain Capital Special Situations” in Fall 2022.
London and Madrid, June 1, 2021 – Bain Capital Credit, LP (“Bain Capital Credit”) and Stoneweg Hospitality (“Stoneweg”) via their real estate hospitality joint venture, today announced the acquisition of the 400-room Andalucía Plaza hotel complex in Marbella, with the aim of renovating the establishment to offer a new hotel experience in one of the best locations on the Spanish coast. The property will continue to be operated by H10 Hotels until the end of 2021.
The elegant and bright hotel of Andalusian architectural style is located in the heart of Puerto Banús, one of Spain’s most exclusive destinations for international luxury tourism, and walking distance to the beach, marina, luxury designer boutiques and upmarket bars and restaurants. Golf clubs are a short drive, and combined with destination shopping and events, the Andalucía Plaza is a year-round resort. Facilities of the hotel include 400 guest rooms, several bars and restaurants, swimming pool, multiple meeting rooms, gym and Spa. H10 has historically operated the hotel as adults only.
The repositioning of the hotel will transform this iconic establishment located next to the Casino de Marbella into a unique Lifestyle destination and a center point for the multiple events that take place throughout the year in Marbella. The works will include the refurbishment the guest rooms, common areas including the lobby, pool, the various F&B outlets and the gardens and outdoor terrace.
A hotel with history in a privileged location 365 days a year
The hotel was the first building in Puerto Banús, built in the 1970s. Marbella, with 2,900 hours of sunshine a year, emblematic hotels, almost 30 kilometers of Mediterranean beaches and an exceptional gastronomic offer - it has 8 Michelin-starred restaurants - is a consolidated destination for luxury tourism on a global scale 365 days a year. The H10 Andalucía Plaza is located in Puerto Banús, an enclave in Marbella that is visited by five million tourists every year.
“We are delighted to have acquired this great hotel in such a prime location, in the heart of Puerto Banús on the Costa del Sol,” said Fabio Longo, a Managing Director at Bain Capital Credit. “Our expertise in the Spanish hospitality industry will allow us to invest strategically in the facilities and reposition the venue to reach its full potential, in partnership with Stoneweg.”
Joaquín Castellví, Founding Partner and Head of European Acquisitions at Stoneweg, said: "We are very pleased with the closing of this transaction. We intend to offer a first-class hotel experience and an enhanced option for hosting major events in Marbella. We are convinced that the redevelopment of this hotel is going to have a huge positive impact on the city."
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $44 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities, and real estate special situations. Our team of more than 240 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
Stoneweg (www.stoneweg.com) is a real estate investment adviser and asset manager established in 2015 and headquartered in Geneva, Switzerland. The firm leverages in-house local operational teams to source, develop and manage real estate investments. To date, Stoneweg has executed and advised on over €5 billion of real estate investments across different sectors including developments. Stoneweg expertise includes both equity and debt strategies, advising its client base of financial institutions and family offices across a range of structures including club deals, joint ventures, co-investments and funds. The firm’s investment philosophy is driven by a bottom-up approach to project selection, utilising Stoneweg’s own teams on the ground and deep networks to seize the best opportunities. Stoneweg has dedicated presence in Switzerland, the United States, Spain, Italy, Andorra and Ireland, enabling many of the operational aspects of the firm’s investments to be carried out in house and locally. Stoneweg has completed more than 300 acquisitions alongside best-in-class partners since 2015.