Linklaters advises on the creation of Portobello Capital’s continuation vehicle for BlueSea
Linklaters advised Portobello Capital on the secondary deal for BlueSea Hotels, its investee specializing in providing value-for-money experiences in the hotel sector. Partners Group was the lead investor in the follow-on vehicle, with participation from Neuberger Berman, Mercer and Florestan.
The follow-on vehicle will provide Portobello with the time and capital necessary to continue to develop its active portfolio of hotel opportunities and invest in its own portfolio of hotels to increase average daily rates (ADR).
The capital raised for the transferred investee will be earmarked for specific Capex projects and potential acquisitions, in order to accelerate BlueSea’s strategic growth plan. BlueSea was acquired by Portobello Capital in 2017 with the objective of supporting the management team in executing an ambitious value creation plan to expand and standardize the hotel portfolio and optimize and digitize operations. Since 2017, BlueSea has more than tripled in size.
The team has been led by Victor Manchado and José María López San Claudio, with support from Moisés Benbunan and teams led by Alejandro Meca and Bárbara Victoria González Gutiérrez.
