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Portobello to Sell Blue Sea Hotels

The Spanish fund tried to sell the brand in 2019 for €230 million and has now resumed its plans to dispose of the 25 hotels.

The private equity fund Portobello Capital wants to sell off the Blue Sea Hotels chain, which it has owned since 2017. Market sources say the fund is testing the market’s appetite and is evaluating several offers, which are below the valuation in 2019.

The chain consists of 25 hotels, 24 of which are located in Spain, along with one in Marrakech. Specifically, there are ten in Majorca, five in Lanzarote, five in Tenerife, and one each in Fuerteventura, Madrid, Costa del Sol and Costa Brava. The portfolio includes three and four-star hotels, according to Cinco Días.

Portobello Capital tried to sell Blue Sea Hotels in 2019. The operation was advised by Colliers, which at the time valued the company’s 17 units at around €230 million. The fund intended to sell the properties and keep the management of the hotels, but in the end, the transaction was not finalised.

Read the full article in Spanish

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