US investor Oaktree Capital Management has taken control of the Dolce Sitges conference hotel in Sitges, south of Barcelona, after having acquired its debt last year from lender Allied Banking Corporation.
US investor Oaktree Capital Management has taken control of the Dolce Sitges conference hotel in Sitges, south of Barcelona, after having acquired its debt last year from lender Allied Banking Corporation.
Built in 2004 by Medgroup, the five-star hotel was initially bought in 2006 for more than €61 mln via a Dutch-based subsidiary, Sitges Investment BV, on behalf of Inchidoney, representing a number of Irish private investors.
In 2013 Oaktree bought the €46 mln debt on the asset at a hefty discount and has now taken control of the complex itself after its owner failed to repay the matured debt facility and filed for insolvency in September of last year.
The hotel has 263 rooms and is operated by US hotel chain Dolce.
