Stoneweg Hospitality invests in Ibiza
Geneva-based Stoneweg Hospitality, which specializes in hotel investments, is acquiring a hotel in Ibiza with Bain Capital Credit. The hotel is to be repositioned with a lifestyle concept.
The new investment by the hospitality and hotel real estate joint venture of Bain Capital Credit and Stoneweg Hospitality is a four-star hotel in the coastal town of Santa Eulalia del Río, just over 20 minutes' drive from Ibiza Airport. Palladium Hotel Don Carlos features 168 rooms, 32 of which are suites. There are also two restaurants, a bar, a fitness room, and a 250-square-meter pool. The hotel has direct beach access and is surrounded by mountains, a pine forest, and the Santa Eulalia River.
Bain Capital Credit and Stoneweg Hospitality plan to reposition the hotel with a lifestyle concept. The common areas will be opened out to the sea and innovative food and beverage facilities will be offered, Stoneweg says. Palladium Hotel Group will manage the property until the end of the 2022 season, after which the new operator will begin renovations and renew management.
The purchase of the Ibiza hotel is the third hotel acquisition by Stoneweg Hospitality and Bain Capital Credit in 2022, following the Hotel Los Monteros SPA & Golf Resort in Marbella and the Hotel Mimic in Barcelona. Last year, the joint venture bought the Andalucía Plaza hotel complex in Marbella, which is currently being converted into a 384-room Hard Rock Hotel, including 50 suites. It is expected to reopen in June this year.
Geneva-based real estate investment advisor and asset manager Stoneweg bundled its hotel sector activities into Stoneweg Hospitality last spring. Miguel Casas, previously Continental European Head of Hotel Investment Properties at CBRE, was appointed Managing Director. (ah)
