Investment firm Värde Partners has provided a €225m (£189m) loan to refinance Banco Santander’s stake in a portfolio of luxury hotels owned through a joint venture with Meliá Hotels International.
The portfolio consists of three luxury hospitality properties in Spain and the UK, managed by Meliá: the Gran Meliá Palacio de Isora resort in Tenerife, the Meliá Cala Galdana resort in Menorca and the ME London hotel in London.
Vishal Kumar, managing director at Värde, said: “This transaction underscores Värde’s conviction in the continued recovery of prime hospitality assets in established tourism destinations.”
Antonio García Méndez, global head of capital finance at Santander Corporate & Investment Banking, said: “With this transaction, Santander CIB positions itself as a key long-term partner to its corporate clients while offering attractive financing opportunities to its global investor network, offering high value-added solutions via equity and debt formats.”
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