CaixaBank closes financing agreement with Spring Hotels to purchase Mare Nostrum Resort

Cuatrecasas has advised CaixaBank on its financing agreement—through a sustainable loan—with the Spring Hotels Group to purchase the Mare Nostrum Resort, in southern Tenerife, from Brookfield for €430 million.

The acquisition, which is being billed as the largest hotel transaction in Spain’s history, includes three properties in Arona (the Mediterranean Palace, Sir Anthony, and Cleopatra Hotels). It will strengthen the Spring Hotels strategic leadership in one of the Canary Islands’ most important holiday resorts, while reinforcing its position as a benchmark in congress tourism and its commitment to the sustainable and responsible development of the islands.

In addition to these three hotels, Mare Nostrum Resort encompasses a series of first-class tourist products: a meetings, incentives, conferences and exhibitions (MICE) center, a Hard Rock Cafe restaurant, a beach club and other complementary catering assets, which are now part of the Spring Hotels portfolio.

“We are proud to be entrusted by CaixaBank to assist them with their most important and complex transactions, strengthening our team’s leadership in the field of real estate financing, particularly in the hotel sector,” said Pol Solsona, Cuatrecasas Finance partner and lead counsel for this transaction. The advisory team was made up of lawyers Víctor Utges, Antonio Ridao and Adrián Coca, with the collaboration of Aina Maragall and Alicia del Valle from the Real Estate and Town Planning Practice.