Lener advises Apollo on €700m Spanish hotels deal

Spanish law firm Lener advised Apollo Global Management on the acquisition of €700 million of foreclosed assets linked to the hotel industry from CaixaBank.

Under the terms of the deal, CaixaBank will sell 20 four-star and five-star hotels that it has held due to non-payment by customers.

Apollo was the winning bidder having seen off competition from Bank of America and Starwood.

The hotels are located in Andalusia, Catalonia, the Balearic Islands and Canary Islands.