Andbank has launched a new investment vehicle targeting Spain’s hotel sector, with plans to raise up to €100 million in equity and deploy a total of €200 million through a combination of equity and debt.
The Actyus Hospitality Fund II will focus on the acquisition of five to six three- and four-star hotels in Spain, representing approximately 1,000 rooms in total. The strategy will target established sun-and-beach destinations, particularly the Balearic Islands, the Canary Islands and the Costa del Sol, according to El Confidencial.
The fund is managed by Actyus Private Equity, the alternative investment arm of Andbank, while Banco Inversis will act as depositary and Deloitte as auditor.
The vehicle is aimed at high-net-worth individuals and private banking clients. The minimum investment is €250,000 for Andbank clients, while MyInvestor clients can invest from €10,000, subject to personalised investment advice and the applicable wealth criteria.
The launch follows the performance of Andbank’s previous hospitality vehicle, Atalaya, which invested €120 million in equity and debt in four-star hotels. Actyus completed the first divestment from Atalaya on May with the sale of the Hotel San Fermín in Benalmádena, Málaga, to hotel group Dorobe. The property, which has undergone several comprehensive refurbishments over its five-decade history, is regarded as an important asset in the development of the Costa del Sol's tourism market.
Expanding alternative investment platform
Actyus Hospitality Fund II adds to Andbank’s growing range of alternative investment products and strengthens the group's exposure to Spanish real estate.
In late 2023, Actyus partnered with Urbanitae to launch Promourbanitae II, a vehicle focused on investing in residential and other real estate projects developed by qualified operators in Spain.
More recently, Andbank and Colonial brought Naturgy’s headquarters on Madrid’s Avenida de América to the stock market. The asset joined BME Scaleup on 12 June with an estimated value of €49 million and a €34.55 million mortgage loan. The property comprises 13,204 square metres of lettable space across two buildings. The main building is occupied by offices, while the second houses a gas control centre, an electricity grid backup control centre and a data processing facility. The complex also includes 253 parking spaces.
With its new hospitality fund, Andbank is seeking to build on its previous experience in the Spanish hotel market while targeting assets in some of the country's most established tourism destinations.
