Mallorca, Spain: In just six months, Calena Partners has gone from newcomer to a hotel owner closing in on 1,100 rooms. The investment firm has completed the acquisition of the four-star THB Bamboo Alcudia, a Mallorca hotel that underwent a full refurbishment in 2023. The deal is valued at around €35m and arrives just six months after Calena's first investment in the hotel sector.
There was no auction and no bidding war. The transaction was negotiated bilaterally with Atalaya, the hotel fund managed by Actyus, the alternative investment firm of the Andbank Group, outside a competitive sale process. For a hotel that has just been renovated and is ready to trade, a quiet, direct negotiation says a great deal about how much trust sits on both sides of the table.
Calena now owns three hotels in Mallorca: Barcelo Ponent Beach in Cala d'Or, Fergus Style Tobago in Palmanova and THB Bamboo Alcudia. Fergus Group will take over management of the Alcudia hotel under a hotel management agreement. It is the second transaction between the two companies, a partnership that is starting to look like a repeatable model.
The money tells its own story. A significant proportion of the investors who backed Calena's first investment vehicle have returned, joined by new investors in the fund.
Cuatrecasas, Deloitte and Colliers advised on the transaction.
What the announcement leaves unsaid is the supply squeeze behind such deals. Under the Balearic Decree-Law 4/2025, tourist places can be exchanged but not added in total, and new places in multi-family housing are barred. For investors, a licensed, refurbished 208-room hotel is therefore an asset that cannot easily be replicated, and the open question is how much buyers will pay for that scarcity at exit. For developers, growth in Mallorca now means acquiring, swapping and repositioning existing places rather than building new ones.
Companies mentioned
- Calena Partners, buyer and investment firm
- Actyus, alternative investment firm of the Andbank Group, manager of the Atalaya hotel fund
- Andbank, banking group that owns Actyus
- Fergus Group, hotel operator taking over management under a hotel management agreement
- Barcelo, operator of Barcelo Ponent Beach in Cala d'Or, part of Calena's Mallorca portfolio
- Cuatrecasas, adviser on the transaction
- Deloitte, adviser on the transaction
- Colliers, adviser on the transaction
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