The sale of the Selenta hotel chain reaches its final phase. As confirmed by different financial sources to elEconomista , the three finalists have already presented the latest offers for the hotel company, among which the consortium formed by the Bain Capital Credit fund and the Stoneweg real estate platform stands out, which would value it at around 460 millions of euros.
The American Goldman Sachs and the Canadian Brookfield have also presented an offer. Now, details related to management fees are being negotiated. The idea, furthermore, is for Selenta to remain as a tenant of the hotels, founded by the Mestre family, the current owners of the group. In any case, the same sources indicate that the process is still open and that exclusivity has not been given.
The agreement includes hotel establishments that add about 2,600 high-class rooms in Tenerife, Barcelona, Marbella and Valencia. If the operation finally comes to fruition, it will be the second investment closed by the consortium made up of Bain Capital Credit (85%) and Stoneweg (15%) in Spain, after the acquisition earlier this month of the H10 Andalucía Plaza de 400 rooms, located in Marbella.
This strategic alliance between the credit fund and the Swiss investment platform aims to create an important hotel portfolio in Southern Europe, with a special focus on Spain, one of the great tourist destinations.
In this sense, according to experts, there is a high investment appetite for the hotel business, as the vast majority of chains need liquidity to cope with the harsh months of closures imposed by the coronavirus pandemic. Credit investors, such as Bain, offer capital at a higher interest than a bank, but also more quickly and taking risks greater than those accepted by traditional financial institutions.
According to La Vanguardia published at the beginning of February, Selenta asked Sepi for a loan of 50 million euros to face the high debt it had, which stood at around 200 million euros. In this context, the company founded by the Mestre family had to divest itself of one of its most emblematic hotels, the Nobu hotel in Barcelona, which it sold to ASG Homes for 80 million euros at the beginning of this year.
Before the coronavirus devastated its balance sheet, the hotel chain had a turnover of 152 million euros at the end of the year 2019, 8% more than the same period of the previous year. In addition, that year it also made a significant investment of 60 million euros to remodel the Sofia hotel in Barcelona.
Precoronavirus, the company also sought to close strategic alliances with international investors to grow outside the Spanish borders towards other markets such as Portugal, France and the United Kingdom.