Grupo Hesperia closes a €150m refinancing deal for its hotel debt: Advisors
Grupo Inversor Hesperia (GIHSA) has closed a €150 million financing transaction to refinance all of its existing bilateral loans, as well as the state funds granted by the Strategic Business Solvency Support Fund (FASEE), managed by the State Industrial Holdings Company (SEPI).
The transaction was carried out in two key phases. In March 2025, Natixis Corporate & Investment Banking (Natixis CIB) acquired a portfolio of 13 bilateral loans originally granted by Banco Santander to GIHSA. The total amount of the acquisition was approximately €100 million.
In June 2025, Natixis CIB completed the total refinancing of these loans.Together with another €50 million from state financing, thus providing a comprehensive financial solution tailored to the group’s needs.
The loan, structured as non-recourse real estate financing, was granted by Natixis CIB, which acted as lender, bookrunner, sole lead arranger and agent bank.
Advisors involved
Uría Menéndez advised seven subsidiaries of GIHSA as borrowers. These were Bercuma, Bristol Services, La Manga Club, Hotel Conde Aranda, Hotel Fontoria, Hotelera del Tormes, and Hotelera Metropol. The team was led by David López Velázquez, partner in Banking and Finance. He was supported by associates Celia García Paredes and Mateo Mollier Fernández, also from the Banking and Finance team.
Clifford Chance advised Natixis CIB. The team was led by partner Felipe Font. He was supported by associates Beatriz González, Alejandro Cubillo, Elena Euba, and Juan Conde-Pumpido. Trainee lawyer Marta del Barrio also contributed. Fernando Escribano advised on tax matters. Litigation advice was provided by Octavio Canseco. Begoña Martínez and Itziar Kraus advised on the real estate aspects.
