Hungarian real estate investor and developer Indotek Group has announced the acquisition of Hotel H·Top Royal Beach in Lloret de Mar. The vendor is H·Top Hotels & Resorts Group which will continue to operate the facility, hosteltur.com reports.
Indotek took more than €10 million loan from Banco Santander to finance the deal. This is the group's 7th such transaction in the Spanish hospitality market.
Indotek added that it would spend €4 million to refurbish the 4-star hotel which now offers 368 rooms and several amenities. The buyer has signed a long-term sale and lease-back contract, allowing it to consolidate its position in the Spanish real estate market. The group has acquired two shopping centres recently, Factory Bonaire in Valencia and Vilamarina near Barcelona.
"Spain's economy has shown rapid recovery after the pandemic and the development potential of Costa Brava underlines the strategic importance of this transaction", Krisztán Hornok, General Director of International Transactions and Asset Management at Indotek Group commented on the deal.
