3 Jul, 2024 @ 10:12
1 min read

Marbella’s Hard Rock Hotel is taken off the property market: Sources cite ‘lack of offers’ for €140 million listing

Hard Rock Hotel Marbella Palladium Group

THE Hard Rock Hotel in Marbella has been taken off the property market – its owners will, instead, keep the establishment on their portfolio, thanks to its ongoing profitability. 

Stoneweg Hospitality and Bain Capital Credit are the two firms that own the hotel, which began to take shape as a project back in 2021. 

According to real estate portal Idealista, the Hard Rock Hotel Marbella was born after Stoneweg and Bain bought up the Hotel Andalucia Plaza, as part of a strategy to reposition Marbella as a luxury destination. 

The location of the establishment, in Puerto Banus, was part of the opportunity that the firms identified. 

Hard Rock Hotel Marbella Palladium Group
The Hard Rock Hotel in Marbella.

Refurbishment work was completed in 2022, and included a major upgrade of the facilities, in order to attract high-net-worth tourists seeking luxury and entertainment experiences. 

But a recent move to put the hotel on the market for sale has, reportedly, come to nothing. 

Sources from the sector consulted by Idealista said that the business was up for sale with a price take of between €140 and €145 million, but after several months and interest from different funds, no final buyer was found. 

“Funds ruled it out because it was overpriced and had a prohibitive impact,” the sources told Idealista.

“According to the talk in the sector, another of the reasons it was withdrawn was the lack of offers,” they added. 

Sources from the company, meanwhile, said that ‘since the hotel was successfully repositioned and has had a very strong performance, exceeding the business plan forecasts, there was a test in the market for interest in the asset’.

“Given that the appetite of the financial partners (several Spanish banks and international funds) was very strong, it made more sense to continue to keep the hotel in the portfolio and benefit from the additional increases in its returns,” the same company sources said. 

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