The Fuertes Group seems willing to go one step further in its commitment to diversify within the real estate business with the purchase of the popular Marina d’Or tourist complex, located in Oropesa del Mar (Castellón). This was announced this Wednesday by the specialized portal Hosteltur, although officially from the Murcian ‘holding’ they affirm that they cannot confirm the news. The acquisition operation would be formalized in the coming weeks after closing the fringes of the definitive agreement with the current owner, the US fund Farallon Capital Management. Of course, the hotel management would be in the hands of the Benidorm chain Magic Costa Blanca. The cost of the investment has not been revealed either, since there has been no way up to now to obtain detailed information from the company.
It must be taken into account, however, that Farallón acquired all the bank liabilities of Marina d’Or Hotels for an amount of 125 million euros between the years 2019 and 2020, which meant the final departure of the founder and promoter of the project, the businessman Jesus Ger. And, later, the North American capital manager materialized the capitalization of these credits by implementing three successive capital increases for an amount of 99.61 million euros, as published at the time by ‘El Economista’. Investment management and consulting firm Colliers has been tasked with leading the process.
With this new operation, the Fuertes family would also maintain its strategy of leaving the properties of its hotel establishments in the hands of hotel chains with extensive experience in the sector, as it did this year through its alliance with the Barceló group for the management of six hotels and more than 600 rooms, owned by the company, located in the Region of Murcia and the province of Alicante. Precisely, the new partner Magic Costa Blanca for the management of the investment in the Costa Azahar, has more than a dozen accommodations located on the Alicante coast and in Gancía (Valencia).
Known as the ‘holiday city’, as stated in the promotional slogan of Marina d’Or since its inauguration in 1997, it has become the benchmark ‘resort’ in Spain, with 5, 4 and 3 star hotels, In addition to its spa, apartments, small amusement and theme parks, shops, restaurants. However, with the passage of time, the failure to meet the initial expectations regarding development and visitors led the project to go through difficult times. Currently, the Castellón complex has five hotels and about 150 apartments.
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