Intriva Capital enters agreement with Hyatt following acquisition of former Byblos hotel resort in Andalucía
Alternative investment manager Intriva Capital (Intriva) has entered into an agreement with Hyatt Hotels Corporation (NYSE: H) that will see the groups collaborate on the former Byblos hotel in Mijas, Spain.
The collaboration with Hyatt follows Intriva’s acquisition of the former Byblos hotel resort last year, part of Intriva’s strategy to opportunistically deploy capital across the European commercial, residential and leisure real estate market.
The former Byblos resort, a famed destination and hideaway for celebrities and royalty since it was built in the mid 1980s, has been closed since 2010 but is now undergoing a redevelopment that will see its re-opening as a luxury 200-bedroom hotel in the Spring of 2022.
The resort will become the fifth Hyatt-branded hotel in Spain joining the likes of the Hyatt Centric Grand Via Madrid and Hyatt Regency Barcelona Tower. The hotel will be branded under the luxury brand The Unbound Collection by Hyatt and managed by Marugal which specialises in the management of independent luxury hotels and operates some of Spain’s leading and iconic hotels .
The Intriva team has a proven track record of successfully investing in the European hospitality market, having previously acquired and funded similar properties across Europe.
Tom Saunders, Head of Post Acquisition at Intriva Capital, says: “Following the successful acquisition of the former Byblos resort, we are delighted to be working with Hyatt, securing its support when the hotel opens in 2022. Our collaboration with Hyatt and Marugal is part of our plan to return the hotel to its former glory, re-capturing its standing as one of the region’s most luxurious and iconic locations.
“At this challenging time, Intriva is firmly committed to the European leisure and hospitality sector and Spain, in particular, which is a core market. We continue to evaluate opportunities in Spain and across Europe, focused on attractive valuations and bespoke deal structuring that are aligned with our key stakeholders’ interests.”
Pablo Carrington, Founder of Marugal Hotel Management, adds: “I’m incredibly excited to announce our first hotel with Intriva. We look forward to opening a truly exceptional property in Costa del Sol and expanding with new projects that share the same qualities of architectural integrity, a strong sense of place, and the highest service ethics and individual personality.”