Santander offloads debt of 13 Spanish Luxury hotels to Bybrook for €136m
Main Photo: The world-famous La Manga Club
Date: September 2021
Name: 13 Grupo Hesperia Properties
Location: Spain, Europe
Number of Keys: TBA
Seller: Banco Santander
Buyer: Bybrook Capital
Banco Santander SA has sold loans valued at €136 million, which were granted on 13 of Spanish hotel company Grupo Hesperia’s properties, to London-based fund manager Bybrook Capital LLP.
These loans are up to date with payments and have eleven hotels and some offices as collateral, according to El Confidencial. Interested parties included Apollo, Bain Capital and Bybrook. The hotel chain struggled during the pandemic, asking SEPI for €55 million for a bailout.
The debt pertains to the following luxury properties in Spain: La Manga Club in Cartagena, Hesperia Murcia, Hesperia Lanzarote, Hesperia Córdoba, Hesperia Bristol in Fuerteventura, Hesperia Villamil in Mallorca, Hesperia Sevilla, Hesperia Zaragoza, and four properties in Barcelona – the Hesperia Sant Joan, Hesperia Barri Gòtic, Hesperia Sant Just and the Via Agusta premises.
Grupo Hesperia currently has 32 properties, of which 28 are in Spain, with a total of 4,500 rooms, as well as four properties in Venezuela. Banco Santander’s divestment in their loan portfolio follows a large disposal of €600 million worth of nonperforming loans to Marathon Asset Management LP earlier this year. In 2019, Hesperia earned 137 million euros, with a profit of 15.5 million euros. In 2018, the chain had debts of €200 million.
THPT Comment: Hopefully a happy ending to a slightly sad saga.
First Seen: https://japantoday.com/
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