JV to Acquire and Manage Intertur Hotels
The joint venture aims to reposition and modernize the portfolio of 1,119 guestrooms through an investment program. Alua will manage the hotels and market them under its brand in 2018.
By IvyLee Rosario
KKR, Dunas Capital and Alua Hotels & Resorts will be acquiring and managing the Intertur Hotels group.
Intertur is a prominent hotel group in the Balearic, with two assets in Mallorca and two in Ibiza. The joint venture aims to reposition and modernize the portfolio of 1,119 guestrooms through an investment program. Alua will manage the hotels and market them under its brand in 2018, once the agreement is closed. Hotel amenities include a swimming pool, bar and cafeteria, children’s game room and restaurants.
“This portfolio of quality assets in strong locations offers a very solid basis to create value in a market benefiting from strong tailwinds,” Guillaume Cassou, head of European Real Estate at KKR, said in prepared remarks. “We are convinced that, together with our quality partners, we will be able to create value for our investors. This acquisition represents an exciting first step in KKR’s partnership with Dunas Capital and Alua, and all groups are looking forward to doing more together.”
KKR and Dunas Capital have been advised by Freshfields, Deloitte, Bird & Bird and Deerns. Intertur Hotels was advised by Bufete Buades.
Video courtesy of Intertur Hotels
