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La Rada de Estepona beach, seen from the Mirador de El Carmen. David Lerma
United Arab Emirates investment fund snaps up company behind under-construction 150-million-euro hotel on Costa del Sol
Property

United Arab Emirates investment fund snaps up company behind under-construction 150-million-euro hotel on Costa del Sol

The top-end project in Estepona, expected to be completed before summer 2027, will offer 160 rooms and a series of apartments meeting the current requirements of a super luxury 5-star hotel

David Lerma

Estepona

Tuesday, 16 April 2024, 18:10

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Unicorn Royal Emirates, an equity investment fund in the United Arab Emirates, has acquired hotel company Santa Marta, which owns a beachfront hotel project still under construction in Estepona on Spain's Costa del Sol.

Xenia Capital, the financing platform backed by Pacific Investments and the portfolio of funds managed by Oaktree Capital Management, L.P., has financed the transaction with 23 million euros. Unicorn Royal Emirates, which has extensive experience in luxury residential and hotel projects, is looking to leverage the development of the project, which according to the investors will involve a total investment of more than 150 million euros. The aim is to complete the project by the summer of 2027.

The development, located on the beachfront, will consist of a hotel with 160 rooms and a series of flats under its branded residences concept. All rooms will be fitted out like a five-star super-luxury hotel, boasting spacious terraces overlooking the sea.

The branded residence flats will range from 85 to 250 square metres with rooftop terraces and private pools, state-of-the-art fitness and spa area, guest pools and a children's playground. There will also be a dining area unique to luxury projects in Dubai with three international restaurants and an exclusive beach club.

The project is expected to create more than 250 jobs with the aim of attracting luxury tourism to Estepona. Unicorn Royal Emirates CEO Sergio García said: "It will be one of the most luxurious five-star destinations in the region and one of the first branded residence projects in Spain". "Our aim is to create a space that offers all the a la carte services of a residential development of this type with the highest standards of quality, taking care of the human factor and the sustainability of the final product," he said.

Unicorn currently manages more than 500 million euros in real estate, with plans to invest more than two billion euros over the next three to five years. According to José Vicente Martín, director of acquisitions, "Unicorn aims to create a portfolio of hotel assets and branded residences that will be part of our portfolio for many years to come, which is why we are very demanding when it comes to acquiring properties".

Unicorn Royal Emirates has benefited from the legal advice of BGI Law, Ashurst, Andersen, Baker & McKenzie and Domus Abogados, as well as the technical support of López y Tena arquitectos and Tech-stone, and the commercial and valuation advice of Savills España.

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