Commercial real estate capital intermediary HFF Real Estate Limited (HFF) has arranged a €110 mln loan for the acquisition and redevelopment of Ikos Andalusia, a 400-key, luxury seafront resort in Andalusia’s coastal area of Estepona, Spain.
The HFF team worked on behalf of the borrower, Ikos International, to place the five-year, floating-rate loan with Starwood European Finance Partners Limited, an affiliate of Starwood Capital Group.
The HFF debt placement team representing the borrower included director Brad Greenway and managing director Edward Daubeney.
'As HFF continues to strategically grow our platform across Western Europe with the completion of our first transaction in the Spanish market, we have been fortunate to work in partnership with best-in-class owners and operators of commercial real estate,' Greenway said.
Loan proceeds will be used to acquire an existing hotel and institute a property improvement plan that includes reconstructing and refurbishing all existing hotel rooms, enhancing the lobby, expanding and repurposing the public spaces and rebranding the asset to the Infinite Lifestyle concept of the Ikos Resorts brand.
'HFF has supported us very effectively at a decisive moment in our development,' said Andreas Andreadis and Mathieu Guillemin, managing partners of Ikos International. 'They have assisted us in raising competitive and flexible financing with Starwood whom we believe will be a strong long-term partner throughout our future developments.'
