Bank buys Benidorm hotel

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SABADELL BANK has brought the Villaitana hotel for €24.3 million.

The luxury hotel, situated next to the Terra Mitica theme park, was owned by the Ghandi entrepreneurs Cremades family but has had creditors amounting to around €117 million since 2010.

Banco Sabadell’s asset management company HI Partners have purchased 80% of the hotel resort with the family retaining 20%. The company have also accepted part of the debt.

The Villaitana complex was inaugurated in 2006 with an investment of €150 million. €50 million came from the Cremades family, €35 million from Santander, €30 million from Sabadell, €20 million from Banco Portugues de Inversiones and €6 million from the Valencian Institute of Finance.

HI Partners have already taken over the management of the hotel resort and intend to purchase the remaining 20% from the family.

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