Through its society General de Galerías, Businessman Tomás Olivo has acquired the NH Marbella hotel, a four-star establishment located between the city centre and Puerto Banús, according to El Confidencial. This purchase is part of the businessman's plan to build a hotel platform with six establishments.
The hotel had been on the market for about a year and, although the owner was asking for 24 million euros for its acquisition, the deal with Olivo is said to have been closed at around 20 million. The establishment has 154 rooms, nine suites, three lounges with capacity for 300 people, restaurants, swimming pool, among other services.
To undertake this and other operations, Olivo has decided to renounce the socimi regime in the company General de Galerías Comerciales, as being constituted as a socimi it was obliged to distribute its profit in dividends, which would financially limit the plans to reinvest any profit for the planned growth plans.
General de Galerías opts for diversification almost a year after opting out of the socimi regime. The company argued that its exit from the tax regime was mainly due to the obligations dictated by the socimi regime regarding the distribution of profits.
The company pointed out that the "very high" distribution of profits means that the company "has to use most of its cash every year to pay dividends, so that it cannot accumulate the cash it wants and sufficient reserves to undertake new investments with guarantees", it stated in the notice of the meeting at which its change of regime was certified.
