The FERGUS Club Europa Hotel completes the construction works after an investment of 12 million euros. Since its purchase, ATOM Hoteles SOCIMI has already invested 19 million for the hotel’s refurbishment.
With the aim of optimizing their assets and generating value for shareholders, REIT ATOM Hotels has carried out a 12 million euro expansion project at its FERGUS Club Europa hotel, located in Carrer de La Savina, in Peguera (Balearic Islands).
The GMA team, manager and founding partner, together with Bankinter of ATOM Hoteles SOCIMI, detected that the Tourism Law’s 4th Additional Provision, estalished to promote hotel projects, permits works to be carried out to raise the hotel’s star rating and so improve the quality of the destination´s hotel offer.
The complex had an unused extra surface área within it’s permitted building permit , as well as the possibility of additional accommodation. Taking advantage of these favorable conditions, a plan was developped to renovate and upgrade this hotel asset, adapting it to new market needs and following environmental and sustainability criteria in accordance with the company’s sustainable development objectives.
The project, which includes the construction of two new buildings, has been led by GMA and the Mallorcan hotel group FERGUS Group, which through the FERGUS Hotels chain, will operate the new building under the chain´s more exclusive brand MAGNUS Style by FERGUS.
The refurbishment has seen the creation of 81 new premium rooms (71 MAGNUS Style suites and 10 MAGNUS Style doubles). With this extension, the complex now boasts a total of 506 units, which makes it one of the most significant holiday clubs in the south of Mallorca.
The project now includes two new buffet-style restaurants, with a new gastronomic offer for the MAGNUS área. The restaurants have adapted capacity to comply with all current sanitary regulations, following the operator’s “FERGUS Program Care ”policies.
The project has been executed in accordance with current sustainability criteria, with regionally sourced materials and local companies, involving over 15 suppliers and 300 island workers, thus favoring Mallorca’a economic development and growth.
With this project, GMA maintain their policy of moving forward all investments and refurbishment plans during the pandemic, in addition to prioritizing the execution of the works with local companies and partners, which helps to create jobs and promote economic activity in the destinations where their companies are located.
About Atom Hoteles
It is the top hospitality SOCIMI (REIT) in Spain, an alternative investment vehicle specialized in the hotel sector, promoted by Bankinter in January 2018 together with the real estate asset manager GMA Corporate, and which, to date, after the two capital increases carried out, has attracted almost 800 shareholders.
Its strategy is based on building a portfolio of four- and five-star urban and holiday hotels, in prime destinations and assigned under long-term lease to first-rate national and international operators and independent hoteliers.
Currently, the Atom Hoteles SOCIMI portfolio is made up of 28 assets, totaling 6,626 rooms, with an asset value of more than 700 million euros.
About GMA Corporate
GMA is an independent investor and manager of Real Estate investment vehicles, specialized in real estate assets and projects with a hotel underlying.
In compay’s more than 20 years of experience in the national and international market, GMA has managed its own and third-party investments, taking on different roles depending on the type of vehicle and project. It manages the complete investment cycle, from the opportunity identification, investment vehicle structuring, acquisition of the assets, restructuring, financing, asset and property management, refurbishment, repositioning and divestment.
In recent years, it has participated in more than 400 transactions and hotel projects worth more than €5 billion. Today, GMA manages about 1 billion euros in assets. Its parent is GMA Capital promoter partner with Bankinter of ATOM Hoteles SOCIMI, S.A.
Bankinter is the sixth largest and most profitable Spanish bank in the sector, measured by its profitability on the capital invested. Bankinter Investment, the entity’s Investment Banking area, has launched an important alternative investment platform over the past three years, after launching multiple investment vehicles, with partners-expert managers in diverse sectors such as hotels, renewable energy, student residences, infrastructures, commercial areas and venture capital.
By the end of this year, Bankinter will have managed to raise with these vehicles over 1.8 billion euros of capital from clients of Private Banks and Spanish institutions that, with the effect of leverage, will amount to an investment in assets of around 4 billion euros.
About FERGUS Group
The FERGUS Group is made up of 2 hotel chains, FERGUS Hotels and Tent Hotels, both 100% owned by the Mallorcan businessman Pep Cañellas, who has a young and highly professional management team headed by its Managing Director, Bernat Vicens.
FERGUS Hotels has a wide portfolio of 4 and 5 star hotels located in the best areas of the Balearic Islands, Catalonia and Andalusia. Created in 2011, it is a highly professional company, specialized in hotel repositioning. FERGUS Hotels continues in full expansion, incorporating new establishments to the existing portfolio. The company is distinguished by transmitting the Mediterranean spirit and a casual lifestyle in all its hotels, with the objective of being the hotel chain to which guests always want to return.
Tent Hotels is the second hotel chain launched by the group. It was born in 2020, being created to break with the concept of a traditional hotel by offering comfortable, practical accommodation with a plus of design to travelers who want to enjoy the destination without limits at the best price. It currently offers its clients two recently renovated hotels, located in Playa de Palma, where they can enjoy a complete Bed & Brunch service, allowing guests total independence around their holidays in terms of organization and schedule.