:
Spain: Private equity manager Buenavista Equity Partners has completed a deal through its Buenavista NextGen Urbano fund to finance the development of an 80-suite aparthotel in Zarautz.
Financing is being provided through Suite Inurritza, S.L., a special purpose vehicle majority-owned by Promociones B.Martija, S.L. Buenavista NextGen Urbano will contribute €7.9 million, structured as a minority equity stake and a participating loan.
The remainder of the project financing will be covered by bank debt provided by LABORAL Kutxa. The total investment in the project amounts to €20.8 million.
Construction of the aparthotel, expected to complete within 20 months, is being led by Construcciones Amenábar. It will be operated by ABBA Hoteles chain under a lease agreement.
The six-storey property will feature 80 units, each with a double bedroom, living-dining area, and a private bathroom. Amenities will include a rooftop terrace with a jacuzzi and solarium, and two basement levels with parking.
Victoriano López Pinto, managing partner of Buenavista Infrastructure, said: “Being part of a project that will serve as a benchmark for sustainable tourism development on the Basque coast is particularly meaningful for us. This is a clear example of how European financial instruments can be used to drive local projects, generating high-quality assets that deliver lasting value to the region and its visitors, while also supporting significant economic activity and job creation.”
The Buenavista NextGen Urbano vehicle has been designated by the European Investment Bank to allocate €200 million, using resources from the Regional Resilience Fund. It forms part of Spain’s Recovery, Transformation and Resilience Plan and is financed by Next Generation EU.
Highlights:
- Buenavista Equity Partners has committed €7.9 million via its NextGen Urbano fund to finance an 80-suite aparthotel development in Zarautz on Spain’s Basque coast.
- The €20.8 million project is structured through Suite Inurritza S.L. with additional bank debt provided by LABORAL Kutxa and delivery led by Construcciones Amenábar.
- The six-storey Zarautz aparthotel will feature 80 serviced units with living-dining areas, double bedrooms, private bathrooms and integrated parking facilities.
- ABBA Hoteles will operate the property under a lease agreement, with completion of the sustainable tourism development expected within 20 months.
- The investment forms part of the Buenavista NextGen Urbano fund, backed by the European Investment Bank to support regional tourism and infrastructure projects in Spain.
