Cerberus and Orion Acquire Spain’s Sotogrande for EUR 225 million

Cerberus Capital Management and Orion Capital Managers have signed a deal to buy the Spanish assets of Sotogrande from its owner, NH Hotel Group.

The value of the deal is €225 million, according to NH Hotel, which outlined the sale of its 96.997% interest to the private equity players that have both been actively investing in Spanish real estate since the 2008 financial crisis. The Sotogrande resort near Gibraltar has been described as the largest privately owned residential development in Andalusia. Sotogrande has a real estate inventory including a large amount of residential property with a book value of €203.3 million and tourist assets, mainly hotels and golf courses, with a book value of €41.2 million. The resort now totals 420 hectares of land with more than 678,000 sq m of buildable area. NH Hotel Group said the sale allowed it to retain management of the two hotels at Sotograbnde for 2 years initially.

Source: PERE News