Bain Capital and Stoneweg Acquire 2nd Historic Marbella Hotel – Los Monteros
Main Photo: Los Monteros Hotel, Spa & Golf Resort
Date: January 2022
Name: Hotel Los Monteros Spa & Golf Resort
Location: Marbella, Spain
Number of Keys: 178 rooms and suites
Seller: Moroccan businessman Judas Azuelos, who sadly died in 2021, bought the hotel in 2010, after a period of closure. The hotel was founded by entreprenuer Ignacio Coca, and was inaugurated in 1962 with 35 rooms. However, the high demand meant that it was enlarged on three occasions.
Buyer: Stoneweg Hospitality and Bain Capital Credit, LP, via their real estate hospitality joint venture. It is the second investment undertaken by the JV in the Marbella area following the acquisition of the Andalucía Plaza hotel in Puerto Banús in 2021, which is currently being converted into the Hard Rock Hotel Marbella.
Stoneweg Hospitality and Bain Capital Credit LP, via their real estate hospitality joint venture, have signed an agreement to acquire the group of companies that owns and operates the Hotel Los Monteros Spa & Golf Resort in Marbella, Spain. It is the second investment undertaken by the JV in the Marbella area following the acquisition of the Andalucía Plaza hotel in Puerto Banús in 2021, which is currently being converted into the Hard Rock Hotel Marbella.
Originally constructed in 1962, the five-star resort comprises 178 rooms, suites for the most part; a large outdoor swimming pool; three restaurants, including El Corzo, the first hotel restaurant in Spain to have received a Michelin Star; a spa; a gym; seven tennis courts; and six paddle courts. One of the first five-star hotels in Spain, the resort has hosted numerous famous guests over the years including royalty, musicians and Hollywood stars.
The hotel has more than 10,700 sq ft of space to host corporate and social events, including conferences and weddings. The resort’s celebrated luxury beach club, La Cabane Beach Club, provides magnificent beachfront views of the ocean in an elegant setting.
The hotel is located to the east of central Marbella, in an area of beaches and high-class housing estates, close to the town’s marina, luxury designer boutiques, upmarket bars and dining options, while several golf clubs are a short drive away.
The JV will modernise the asset through a gradual refurbishment of the resort, restoring it to a luxury standard while keeping the essence of its prestigious history.
Miguel Casas, Managing Director of Stoneweg Hospitality said: ” Los Monteros is a Marbella institution and an excellent opportunity to position the hotel as a leading luxury destination hotel with a programme of active asset management including a gradual refurbishment. The Spanish hospitality market continues to show signs of a strong recovery following two years of Covid disruption and, together with our partner Bain Capital, we are very excited about the opportunity that Hotel los Monteros represents.”
Fabio Longo, Managing Director at Bain Capital Credit, added: “By utilising our combined expertise in the Spanish hospitality industry, we will be able to gradually modernise this resort to meet the demands of guests and potential operators, while being sympathetic to its unique features that have made it a popular and much-loved holiday destination for many years.”
This acquisition follows the JV’s purchase of the Andalucía Plaza hotel complex in the heart of Puerto Banús, Marbella, which is currently undergoing a complete transformation to convert the site into a Hard Rock Hotel with 384 rooms, including 50 suites. Hard Rock Hotel Marbella is expected to welcome its first guests in June 2022.
The name of Los Monteros refers to hunters who participate in organized hunts, the sort where champagne breakfasts are served in the field and hundreds of dogs may take part, pursuing deer over vast estates. The ruling class suggestion is clear, as these hunts were a favoured sport of General Franco, the then chief of state.
The political and business connections of it’s owners assured that the new luxury hotel quickly became a popular meeting place for Marbella’s upper crust, as well as out-of-town visitors. The restaurant, El Corzo, named for a small deer, was one of the first serious restaurants on the Costa del Sol. It remains a quietly elegant place to dine today.
As a sign of the changing times when it opened, Los Monteros was the first hotel on the Costa del Sol to serve a breakfast buffet.
Price: It was Guiding at €55m in 2021
Price per Key: Around €300k – remarkably low!
THPT Comment: Anyone wishing to buy top-end in Marbella wants beachfront – this is the best of both worlds – Fab hotel with it’s own beach club. Real historic piece of Marbella here…well done to JV for picking up their second hotel in the area – both fab properties
First Seen: Stoneweg press release
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