17 November 2016 – Expansión
HI Partners, the investment and hotel management company owned by Banco Sabadell, has just completed the purchase of Incosol Hotel-Medical Spa in Marbella, one of the icons of luxury on the Costa del Sol. The firm plans to undertake significant investment to remodel and reopen the establishment, which has been closed for several years as a result of the bankruptcy and subsequent liquiditation of the Cádiz based group Jale.
At the end of February, the hotel company led by Alejandro Hernández-Puértolas managed to persuade the commercial judge of Cádiz, which is leading the bankruptcy proceedings, to award HI Partners both the property and the brand, for €20 million. This sum had to be paid to the creditor banks of Incosol, who were Sabadell and Sareb, with a 50% stake each.
Both entities were owed a debt of €30 million and agreed to accept a discount of €10 million.
Nevertheless, the Social Security – which had filed a claim for a debt amounting to €4 million – challenged the decision and the sale was suspended. Now, the judge has dismissed that appeal and has ruled in favour of HI Partners again, which has now managed to close the operation.
According to sources consulted, HI Partners has paid €20 million to Banco Sabadell – its parent company – which had previously acquired the debt that was owed to Sareb to simplify the operation.
HI Partners’ aim now is to launch an ambitious project to revive the Marbella establishment and recover its lost splendour.
Hotel Incosol, which was founded by the 1970s by the Marqués de Villaverde, became the most prestigious medical-hotel complex in Europe during the golden years of Marbella. All kinds of Spanish and international celebrities passed through its doors, until the tourist complex was forced to closed in 2012, as a result of the crisis involving the real estate group Jale, which had acquired Incosol from the Basque García-Egocheaga family in 2007 for €50 million, in a complex financial operation.
Original story: Expansión (by Sergi Saborit)
Translation: Carmel Drake
Source:: AURA Real Estate Experts