Engel & Völkers Acquires 7Pines Resort in Ibiza from 12.18 for €130m
Main Photo: The 7Pines Resort
Date: February 2022
Name: 7Pines Resort Ibiza
Location: Between Platges de Comte and Cala Codolar, Ibiza, Spain
Number of Keys: 185
Seller: German investment firm 12.18
Buyer: Engel & Volkers Asset Management
The high-end real estate agency Engel & Völkers has purchased the five-star hotel Seven Pines Resort Ibiza for €130 million. The luxurious resort is situated between Platges de Comte and Cala Codolar, with stunning views of the Mediterranean and Es Vedrà.
The 56,000-square-meter 185-suite complex is designed in the manner of a village, with whitewashed houses of Ibizan inspiration, three restaurants and three bars, a spa and wellness centre, a children’s club, and three swimming pools. A typical night’s stay costs around €300.
According to Diario de Ibiza, German luxury hotel chain Seven Pines inaugurated it’s first year-round hotel in Ibiza in 2017 following an estimated €74 million investment.
The German business 12.18 Investment Management, located in Düsseldorf and specialising in real estate investments and hotel and tourism management, controlled the Seven Pines Resort Ibiza hotel complex, according to the then-CEO Markus Lueck.
The acquisition was the second buy in E&V’s Hotel Fund 1, with the other being in Sardinia. The target volume of the fund is €500 million, with €250 million coming from equity. The fund also serves as an attractive investment opportunity for institutional investors who can invest from €5 million. The main task of the fund is the acquisition of existing hotels and resorts with repositioning potential, which will then reopen as four or five star hotels. The focus is on Europe and with the 12.18 group of companies, the fund also has a successful and well-known partner who serves as the developer and operator of these luxury hotels.
Price: €130m
Price per Key: €703k
THPT Comment: We all know Engels & Volkers as high-end estate agents, with some expertise in hotels, so interesting to see they have created a fund to acquire hotels, following in the footsteps of CBRE
First Seen: Diario de Ibiza
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