Santander AM and Signal have a joint investment fund for hotel assets, with a maximum capacity of 200 million.
Five hotels in the Balearic Islands, including 1,119 rooms, have been put up for sale by KKR and Dunas Capital in a process organised by consultants JLL and Eastdeal.
The investment vehicle, formed by Santander Asset Management and British firm Signal Capital, is one of the players best positioned to acquire the portfolio of hotels, as market sources explained to Brainsre.news.
The fund is not the only one interested, but it is the only one that has come to light, according to other sources. Banco Santander’s management company preferred not to make any statement on the process.
KKR and the Spanish company Dunas Capital bought the five complexes in 2017 from the Intertur Hoteles chain for 100 million euros. Now, they aim to achieve a more than 40% capital gain.