KKR et al. buy Intertur Hotels

The deal saw KKR lead the investor syndicate, which included the Iberian asset management firm Dunas, headquartered in Lisbon, and the hotel chain manager Alua Hotels & Resorts, owned by UK-based private equity and special situations investor Alchemy Partners.

According to a source familiar with the situation, KKR acquired a 95% stake in the business. Additionally, the GP aims to further invest in the leisure sector across the southern European region.

According to a statement, Alua will manage the hotel chain at closing of the transaction and will market it under its own brand from 2018 onwards.

Alua is a hotel and resorts chain created in 2015 following a platform investment backed by Alchemy Partners. The GP has invested €4bn in the asset since its inception, according to a statement. The business currently has a portfolio of 15 hotels and around 3,200 rooms in the Balearic and Canary Islands.

Company
Headquartered in Mallorca, Intertur is a hotel group with two premises in Mallorca and two in Ibiza. The business was founded in 1964 and its workforce during high season comprises 450 people.

People
KKR – Guillaume Cassou (head of European real estate).
Dunas Capital – Andreu Nubiola (managing director).
Alua Hotels & Resorts – Javier Aguila (CEO).

Advisers
Equity – Freshfields (legal); Bird & Bird (legal); Deloitte (financial due diligence); Deerns (other due diligence).
Company – Bufete Buades (legal).

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• Topics
• Buyouts
• Consumer
• Southern Europe
• Spain
• KKR