Spanish hotel operator Gestión T3 has acquired the Hotel Hilton Sa Torre de Mallorca from administrators for nearly EUR 40 mln. The transaction price includes EUR 29 mln of debt provided by Spanish banks Banco Sabadell, Caixa de Catalunya and CAM, with the rest being financed through a capital increase.
Spanish hotel operator Gestión T3 has acquired the Hotel Hilton Sa Torre de Mallorca from administrators for nearly EUR 40 mln. The transaction price includes EUR 29 mln of debt provided by Spanish banks Banco Sabadell, Caixa de Catalunya and CAM, with the rest being financed through a capital increase.
Located on a 50,000 m2 site in Llucmajor, on the Balearic island, the property offers around 90 rooms and 15 suites, two restaurants, a spa area and a conference centre. The property, which opened its doors in June 2008, has been closed since November 2009, when its former owner, Drac Grupo Inmobiliario Drac fell into administration.
Gestión T3's Chief Executive Ton Lodder said that the transaction is a 'big step' for the company, which was created in 2001 and currently owns a total of eight hotel properties in Spain and one hotel project in Portugal.
Gestión T3 was appointed to manage two hotels in Madrid and Valencia under the Holiday Inn Express brand part of InterContinental Hotels Group in February this year.