Quartiers is acquiring the Boho Club operating company and securing financing for the completion and opening of the BOHO Club hotel with restaurants in Marbella’s Golden Mile district in 2019
In conjunction with the acquisition, Raouf Lotfi, who possesses extensive experience from the hotel and restaurant industry both locally and internationally, will remain as the CEO of Boho Club. Following the transaction, Raouf Lotfi will own 20 percent of the Boho Club operating company. In conjunction with the acquisition, Quartiers Properties AB (publ) (“Quartiers” or “the company”) is securing financing of EUR 4.5 million from the Spanish investment Bank, Arcano Partners.
In recent months, the hotel concept has been developed in a positive direction alongside the award winning hotel consultancy Stylt Trampoli, and the company has therefore reached the decision to take over the operating company itself along with its current CEO Raouf Lotfi. The operating company already boasts key individuals in the form of Marie Rodoni, whose experience includes spells as hotel manager at the Columbus Hotel in Monaco and hotel director at the Elite Palace Hotel in Stockholm, and Michelen Star chef Diego del Rio. The existing concept and organisation are considered to meet the demands and expectations placed on an exclusive five-star designer hotel.
The shares are being acquired at book value, with no change in valuation.
The total investment in the renovation and development of the hotel and restaurant is expected to amount to approximately EUR 8.6 million, and will be financed through a combination of equity, bank loans and a mezzanine loan from the Spanish investment bank Arcano Partners. The mezzanine loan is set to be refinanced after the hotel’s first year of operation through long-term bank financing.
“Quartiers is delighted to have reached a financing agreement with another renowned Spanish financial operator who, by way of this arrangement, is demonstrating its faith in the company and our project portfolio. The acquisition enables us to gain more control of the project, which will increase our flexibility as property owner to fully harness the potential value of the property, both in the short- and long-term,” said Quartiers’ Interim CEO, Marcus Johansson Prakt.
The loan with Arcano is secured through a secondary pledge in the company’s apartment hotel in Benahavís.
For further information, please contact:
Marcus Johansson Prakt, Interim CEO
Phone: +46 (0)72-018 59 98
The company in brief
Quartiers Properties is a Swedish property development company with operations on the Spanish Costa del Sol. The company was founded in 2014 and has since built up a property portfolio of investment properties and project properties. The company develops, sells and leases property.
Mangold is the company’s certified adviser. Mangold can be contacted on +46 (0)8-503 015 50 or by emailing firstname.lastname@example.org.
Quartiers Properties AB (publ) is required to disclose this information under the EU Market Abuse Regulation. This information was provided for publication through the agency of the contact person above on 26 March 2019 at 3.40 p.m.