Värde Partners has closed with Banco Santander the refinancing of three hotel establishments for 225 million euros.
These are the Me London (London), Gran Meliá Palacio de Isora (Tenerife) and Meliá Cala Galdana (Menorca) hotels, which are owned by a joint venture between the entity and the Meliá hotel firm.
Specifically, in April of last year the investment vehicle Moon GC&P Investmentsowned by Banco Santander, subscribed for 300 million euros the representative participation of 38.2% in the share capital of a subsidiary company of Meliá Hotels International, owner of the three hotel establishments.
After the operation, which was part of the asset sale process in which the hotel company chaired by Gabriel Escarrer was immersed, the three hotels remained under the operation of Grupo Meliá.
Although Värde was not present at the purchase transaction, it does have a long history of lending with hotel assets in Europe and the United States, and The year has started with great activity in this market segment.
Furthermore, last year the fund, which In Spain he owns the promoter Vía Célerewas responsible for refinancing its €300 million green bond two years before maturity in summer, partly with a three-year €175 million green syndicated loan, with a one-year extension option. In this case, BBVA and Santander led the transaction together with Kutxabank, Bankinter, Unicaja and Sabadell.
In September the fund surprised with a change in its strategy with the developer since, although in recent years it has been working on an orderly liquidation of Vía Célere after its plans to go public and some corporate operations failed, is now studying raising 1,000 million euros to provide liquidity to the company and thus renew its investment in it.
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