Global investment firm KKR and Dunas Capital signed an agreement to acquire the Intertur Hotels group. The portfolio of 1,119 rooms in Mallorca and Ibiza will be managed and marketed by Alua Hotels and Resorts starting 2018.
Intertur Hotels is a prominent hotel group in the Balearic, with two assets in Mallorca (Palma Nova area), and two in Ibiza (Santa Eulàlia and San Antonio). The transaction is a key milestone for Intertur, bringing rooms under management to over 3,200 in less than two years.
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The companies are relaying on the Spanish tourism sector
KKR says that the investment underlines it’s strong interest in leisure hotels in Southern Europe. The KKR-led venture aims at repositioning and modernizing the assets through a significant investment program.
KKR and Dunas Capital’s real estate expertise, combined with Alua’s hospitality know-how, will be key to unlocking value in the portfolio. Guillaume Cassou, head of European Real Estate at KKR, commented “This portfolio of quality assets in strong locations offers a very solid basis to create value in a market benefiting from strong tailwinds. We are convinced that, together with our quality partners, we will be able to create value for our investors. This acquisition represents an exciting first step in KKR’s partnership with Dunas Capital and Alua, and all groups are looking forward to doing more together.”