Private-equity joint-venture partners Bain Capital and Stoneweg Hospitality have sold the independent, 168-room hotel Mongibello Ibiza to Grupo Ramat.
Iberian Property reports the sale price is €60 million ($68.8 million).
Madrid-based Stoneweg announced the agreed sale to Ramat, a developer and investor based in Ma’ale Iron, Israel, stating in a news release that Ramat entered the deal “alongside a group of private investors.”
"With this acquisition, Grupo Ramat continues to strengthen its investment strategy in high value-added hospitality assets, with a particular focus on projects featuring a distinctive identity and strong connection to their surroundings,” Ramat CEO Marc Rahola Matutes said in the release.
According to CoStar, Stoneweg and Boston-based Bain acquired the hotel, in the coastal town of Santa Eulària des Riu, in February 2022. The seller on that occasion was Ibiza-based Palladium Hotel Group.
Francisco Bello, operating partner, special situations, at Bain, said the hotel and sale are “an excellent example of the value that can be created when a clear vision is combined with strong execution. We saw an opportunity, during the COVID-19 dislocation, to aggregate high-quality assets in core touristic markets across Southern Europe.”
Ramat will operate the hotel under the flag of one of its in-house brands, Concept Hotel Group. It has three brands — Concept, OD Hotels and Ryans.
All of Concept’s hotels are in Ibiza and include: the 14-room Dorado Ibiza Suites, which is owned by Esaba Services S.A. and has a rock 'n’ roll theme; Ramat-owned, 30-room Cubanito Ibiza, which has a Havana theme; 60-room Paradiso Ibiza Art, owned by Ibiza-based S’esparta SL; and 113-room Los Felices Ibiza, which opened in July 2024 and is owned by Actividades Turísticas de Ibiza SL.
CoStar data shows the company's latest Ibiza hotel acquisition underwent a renovation in 2023.
Stoneweg said of that renovation that the asset has “32 suites and is themed around 1960s-1970s Italian and Mediterranean cinematic culture. Following the investment program, the asset has been repositioned as one of the more distinctive lifestyle hotels in Ibiza’s hospitality market.”