The Valle Romano Golf Resort, Estepona
Investment fund HIG Capital has signed an agreement with real estate developer Neinor Homes for the purchase of 430 apartments located in the Valle Romano Golf complex in Estepona (Málaga), in a deal worth around 32 million euros.
The Valle Romano Golf Resort is located next to a golf course of 60 hectares with eighteen holes and is close to luxury holiday and residential destinations like Marbella and Sotogrande. The resort includes three residential complexes along with leisure, shopping and restaurant facilities.
Of the 430 tourist apartments, which total 850 rooms, included in the complex, 290 are operated by Meliá through the Tryp Estepona Valle Romano Golf Hotel.
The rest of the apartments are not managed, although the agreement signed with the Mallorcan hotel chain includes the possibility of increasing the number of units.
The apartments, with a total constructed area of 46,297 square meters, are distributed in 18 blocks of four floors with between 21 and 25 units in each. The blocks are also divided into three areas – North, Central and South – with their own facilities (swimming pool, paddle court, gym and restaurant). In addition, the complex includes around 390 parking spaces.
The apartments were built in 2007 and were adapted to tourist uses and to hotel quality standards in 2013. Specifically, the four-star apartments managed by Meliá occupy twelve blocks, mainly in the north and central areas. In addition, the chain operates with six other tourist apartments in the southern area.
The management agreement with the Mallorcan chain was signed in 2014 for a period of ten years, although the agreement includes the possibility of extending it by an additional five years if both parties agree.
Neinor, led by Juan Velayos, tripled its sales in the first half of last year, to 500 million euros.
Estepona has seen a resurgence of investment over recent months with numerous new developments getting the go ahead in and around the town. With large, clean beaches, numerous golf courses, and its proximity to other popular towns like Marbella and Puerto Banús, Estepona has long been a popular town with locals and tourists alike.
