KKR and Dunas Capital signed an agreement to acquire the Intertur
The portfolio of 1,119 rooms in Mallorca and Ibiza will be managed
by Alua Hotels and Resorts ("Alua") and marketed under the Alua brand
from 2018 onwards
The investment underlines KKR's strong interest in leisure hotels
in Southern Europe
KKR, a leading global investment firm, the asset manager Dunas Capital
and the hotel group Alua Hotels & Resorts today announced an agreement
to acquire and manage the Intertur Hotels group.
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 KKR-led venture aims at repositioning and
modernizing the assets through a significant investment program. Alua
will manage the hotels once the agreement is closed, and will market
them under its brand starting 2018.
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."
Andreu Nubiola, Managing Director at Dunas Capital Real Estate, said: "We
are delighted to share our expertise in the Spanish market with KKR and
Alua. We believe that the Spanish tourism sector currently has great
potential and we are convinced that the combination of the capabilities
of the three groups will yield very positive results."
Javier Aguila, CEO and co-founder of Alua Hotels & Resorts, also
expressed his satisfaction: "We are excited to add assets with such
quality and potential, and to kick-off this strategic collaboration with
KKR and Dunas Capital. The transaction is a key milestone for our group,
bringing rooms under management to over 3,200 in less than two years,
thanks to the great job of our teams on the ground and the continued
support of our shareholder, Alchemy Partners."
KKR and Dunas Capital have been advised by Freshfields, Deloitte, Bird &
Bird and Deerns. Intertur Hotels has Bufete Buades as advisor.
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world‐class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and
on Twitter @KKR_Co.
About Dunas Capital
Dunas Capital is an independent platform of financial services and a
leader in the Iberian market. The group offers investment solutions
through a portfolio of products covering fixed income, variable income,
real estate and alternative assets, among others. Its team of
professionals has extensive experience in financial markets (20 years on
average), in industries such as banking, insurance and asset management.
The firm is licensed by the Bank of Portugal, Portugal's CMVM and
Spain's CNMV to carry out its activity in Spain.
About Alua Hotels & Resorts
Alua Hotels & Resorts is a hotel group created in 2015 by a group of
executives with experience in the industry and by the European private
equity and special situations investor Alchemy Partners, which has
invested over €4 billion since its inception. Alua Hotels & Resorts aims
to become a leader in the upper mid-market, and has a portfolio of
fifteen hotels and about 3,200 rooms in the Balearic and Canary Islands.
The group plans to expand by incorporating hotels and resorts of 3, 4
and 5 stars that offer vacations and leisure experiences in the main
tourist destinations of Iberia.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170508005549/en/
Óscar Torres / Gonzalo Torres
(+34) 91 702 71 70
HOTELS & RESORTS
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