- Arcano has granted partial financing for the refurbishment through the Urban Development Fund “Impacto Andalucía”.
- The project will involve the reconstruction, rehabilitation and expansion of the emblematic former Byblos Hotel that has been closed since 2010
- Colliers previously advised Grupo Ayco in the sale of the former Byblos Hotel to Intriva Capital in May 2019.
Colliers, a leading global consultancy firm in advisory services and investment management in real estate, has advised the international fund Intriva Capital in obtaining €20 million of financing that will be used to reopen the emblematic Byblos Hotel in Mijas.
The Urban Development Fund "Impacto Andalucía", managed by Arcano Capital, has granted part of the financing necessary for the reconstruction, recovery, and relaunch of the former hotel, which has been closed since 2010. The funds for this vehicle predominantly come from the European Regional Development Fund (ERDF) and the Junta de Andalucía, complementing its focus on investment into urban development projects in the Andalusian autonomous community.
The project will be managed by Grupo Marugal under a franchise agreement with “The Unbound Collection”, by the Hyatt Group. The reopening of the iconic hotel is scheduled for the end of Spring 2022. Marugal is a Spanish Hotel Management group that currently manages emblematic hotels such as Cap Rocat Hotel in Mallorca; Akelarre Hotel in San Sebastián; and Urso Hotel in Madrid.
The landmark hotel has always been considered a beacon of prosperity in the region and the urban development project that will enable its reopening is of special importance for the city of Mijas and the surrounding areas. The project will add value to disused infrastructure, promote tourism in the municipality, generate employment and attract international tourists by reinforcing the area’s reputation as a high-quality destination.
“Since the arrival of the pandemic, the processes of seeking financing in the hotel sector, has been challenging. As traditional bank financing for new projects has been absent, we have had to look for alternative sources and solutions. In the case of the old Byblos Hotel, we had many factors on our side: a top-level project in an unbeatable location, a sponsor with demonstrated capacity, as well as a manager and a brand with an unquestionable plan to attract customer demand that will once again, place the hotel as reference point across Europe,” – says Laura Hernando, Managing Director of Hotels at Colliers.