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Indonesian Investment Fund Recaptial Acquires 50% of Finca Cortesín Hotel

Indonesian Investment Fund Buys 50% of Finca Cortesín

According to press reports, an Indonesian investment fund Recapital has acquired 50% of Finca Cortesín, the luxury hotel located in Casares, between Marbella and Sotogrande.

Recaptial will constitute a company together with Single Home (the current owners of Finca Cortesín).

The amount of the transaction has not been disclosed but according to sources close to the transaction, the Indonesian group has committed to subscribing to a capital increase of nine million euros before the end of the year. The capital injection will serve to tend to debts the company faces.

The hotel is owned by Single Home, a Madrid based company that has a variety of property interests in the area, including the 10,000 square meter office building at the entrance of Marbella and the Urbanization Paraisos Hill, which has 38 apartments and 99 luxury townhouses.

Single Home has accumulated debts of over 300 million euros with banks such as Banco Popular (136 million), Novagalicia (60), CaixaBank (32), Caja España (27), Barclays (19) and BBVA (3).