IKOS ACQUIRES THE PRINCESS RESORT ANDALUCÍA IN ESTEPONA, SPAIN
Oaktree Capital Management’s Greek joint venture has acquired the Costa del Sol Princess Resort, located close to Estepona, in Andalucía. The buyers plan to invest a total of €150 million into the acquisition and redevelopment of the property, re-opening it in May 2020 with 400 rooms and suites, with the intention to acquire further assets in the region. Set up in 2016 as a venture between Greek entrepreneurs Stavros and Andreas Andreadis and Oaktree, the venture is backed by Goldman Sachs and Hermes GPE, and already includes four assets in Greece under the Ikos flag. The acquisition was financed by Starwood Capital.