Independent alternative asset manager Intriva Capital announced on Thursday that it has secured credit facilities for the refurbishment of the former Byblos Hotel in Mijas on Spain’s Costa del Sol into a luxury 200-bedroom resort.
The credit line includes a €20 mln tranche provided via Arcano Capital through the European Regional Development Fund, which is managed the European Investment Bank,
Intriva acquired the hotel, which had been closed for over 10 years, in 2019 and has been working with its professional team to create a new offering. Following the acquisition, Intriva has partnered with Marugal Hotel Management, a luxury hotel management specialist, to oversee the operations. It has also signed a franchise agreement with a Hyatt Hotels Corporation affiliate as a part of The Unbound Collection, making it the first Hyatt-branded hotel in Southern Spain.
Construction has commenced on site and works are progressing according to schedule.
The hotel is scheduled to open in late Spring 2022.
The project includes a full renovation and expansion of the existing property. Once the works are complete, the hotel will offer a range of amenities including a health club and spa, indoor and outdoor pools, night club, family facilities including a kid’s club, and exceptional conference spaces for private events and business meetings.
Tom Saunders, head of Asset Management at Intriva Capital, said: ‘The ability to raise the required funding for this project is a clear validation of our plans to transform this asset into one of the Costa del Sol’s leading luxury hotels. We are delighted to have been able to secure a large amount of the funding via the European Regional Development Fund and the financing means we are well on track with the project and can aim to welcome the hotel’s first guests in the first half of next year.’
