Stoneweg Hospitality and Bain Capital Credit acquire the 168-room Don Carlos Hotel in Ibiza
Stoneweg Hospitality (“Stoneweg”) and Bain Capital Credit, LP (“Bain Capital Credit”), through their real estate joint venture (the “JV”), have acquired the Palladium Hotel Don Carlos in the coastal town of Santa Eulalia del Rio , Ibiza.
The four-star hotel has 168 rooms, including 32 suites, and is located 20 minutes by car from Ibiza airport. The beachfront location offers direct access to the beach and is surrounded by mountains, a lush pine forest and the Santa Eulalia River. It has excellent facilities including two restaurants, a bar, a gym and a large 250 m² swimming pool.
The JV plans to reposition the hotel towards a lifestyle concept, open common areas to the sea and establish innovative dining options. Palladium Hotel Group will continue to manage the hotel until the end of the 2022 season, when the renovation of the hotel and management by a new operator will begin.
miguel casasManaging Director of Stoneweg Hospitality, said: “This is our third hotel acquisition with Bain Capital Credit so far this year, a 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-added potential. We look forward to working with them on this latest project and delivering strong returns to our investors. »
Fabio LongoGeneral Manager of Bain Capital Credit: “The Palladium Hotel Don Carlos is an excellent hotel in a privileged location. Our experience in the Spanish hotel sector will allow us to invest strategically in its facilities and rehabilitate the place to its full potential, in partnership with Stoneweg.”
This is the JV’s third acquisition in 2022 after the purchase of Hotel Los Monteros SPA & Golf Resort in Marbella and 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 complete transformation to convert the site into a Hard Rock Hotel with 384 rooms, including 50 suites. The Hard Rock Hotel Marbella is expected to welcome its first guests in June this year.
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $52 billion in assets under management. Bain Capital Credit invests in a full range of strategies, including leveraged loans, high yield bonds, distressed debt and special situations, private loans, structured products, non-performing loans, real estate specials and majority and minority interests. Founded in 1998 as a private, employee-owned firm, Bain Capital Credit’s experienced team of more than 150 investment professionals seeks to identify attractive equity and credit investment opportunities in America. North, Europe and Asia-Pacific. In addition to credit, Bain Capital invests across all asset classes, including private equity, private equity, real estate and venture capital, and leverages the firm’s shared platform to seize opportunities in strategic areas.
Stoneweg (www.stoneweg.com) is a real estate investment advisor and asset manager established in 2015 and headquartered in Geneva, Switzerland. The company relies on in-house local operational teams to research, develop and manage real estate investments. To date, Stoneweg has executed and advised almost €5 billion of real estate investments in different sectors, including developments. Stoneweg’s expertise includes both equity and debt strategies, advising its financial institution and family office clientele across a range of structures, including club deals, joint ventures, co-investments and funds. The firm’s investment philosophy is guided by a bottom-up approach to project selection, using Stoneweg’s own teams on the ground and deep networks to seize the best opportunities. Stoneweg has a dedicated presence in Switzerland, the United States, Spain, Italy, Andorra and Ireland, enabling many operational aspects of the company’s investments to be carried out internally and locally. Stoneweg has made over 300 acquisitions alongside best-in-class partners since 2015.