Foreign investment fund bids for Marbella’s two Guadalpín hotels.

By | February 23, 2015

Foreign-investment-fund-bids-for-Marbellas-two-Guadalpín-hotels The deal offered by Lumitran System, will benefit Aifos, Caixabank and Marbella council to the tune of 60 million euros.

The tumultuous history of the Guadalpín hotels goes on. Now, while the developer of the two luxury establishments, Aifos, goes through bankruptcy proceedings, a foreign investment fund has put forward the sum of 16.1 million euros to buy the majority of the two properties. Bankruptcy administrators have shown their disposition to accept the offer though the final decision rests with the courts.

The offer comes from Lumitran System, which acts as a vehicle for foreign investment and has turned its gaze to hotels.

In the case of the Guadalpín in Marbella which is situated right in the centre of the Golden Mile, the offer is for the communal zone of the building which belongs to Aifos, as well as other spaces like the ground floor where the pool, the reception and the garage are located. The building’s private apartments have separate owners.

In terms of the Guadalpín in Puerto Banús the investors’ offer covers apartments and other spaces such as the reception and the kitchen.

However the sum does not include running the hotels which is the concern of other businesses.

As part of the offer on the table Lumitran System want to purchase the Guadalpín brand as well as a plot of land behind the hotel in Puerto Banús called Village which was kept aside for any future extension plans.

Extra benefits

Alongside the 16.1 million euros offered by Lumitran, Aifos is set to benefit from the deal to the tune of 59.1 million euros.

A sum of 51.6 million euros is the debt owed by Aifos to Caixabank which the bank would write off in exchange for a payment of 9.4 million euros from Lumitran.

Additionally 2.5 million euros would go directly to Aifos.

Marbella town hall would also benefit since Lumitran, as part of the deal, has promised to take on the obligations that Aifos had acquired in terms of sorting planning issues. Just in the case of the Village plot of land, this amounts to a sum of 3.6 million euros for the municipal coffers.

Those administrating the bankruptcy proceedings have issued a statement to the courts in which they refer to “the enormous benefits” of accepting the Lumitran offer which is worth 60 million euros altogether including the written off debt and 2.5 million euros to Aifos, 9.4 million to Caixabank and 4.5 million to Marbella town hall.

Courtesy: Sur in English

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