Cheyne Capital, the London-based alternative investment manager, has provided a €133.7m senior loan to ActivumSG to finance the acquisition of Fairmont La Hacienda Costa del Sol, a newly built five-star luxury resort in Spain's Costa del Sol. The transaction underscores growing institutional appetite for trophy hospitality assets in Mediterranean markets, where luxury resort supply remains constrained despite surging demand from high-net-worth travellers.
Opened in February 2025, the resort features 311 keys across 213 hotel rooms and villas, plus 98 keys within 42 branded residences available for third-party purchase. The property spans 2,044 m2 of spa facilities, four swimming pools, seven restaurants and bars, and two 18-hole golf courses with Mediterranean views. The branded residence component, which offers owners access to full hotel services alongside private gardens, pools and sea-view terraces, represents a particularly attractive investment structure for developers seeking to derisk hospitality projects through pre-sales whilst maintaining operational control.
Daniel Schuldes, Co-Head of European Real Estate at Cheyne Capital, said: "We continue to think high-quality, well-capitalised luxury assets like this will perform well in today's market and we're confident that the ActivumSG team, with its impressive track record in the Spanish hospitality sector, is the ideal partner for this project."
Brian Betel, Head of Direct Asset Transactions at ActivumSG, commented: "This investment is underpinned by our deep research, which points to the continued growth and resilience of Spanish hospitality real estate. Recent industry data shows that demand for luxury resorts and branded residences in Spain continues to outpace supply, supported by longer summer seasons and evolving travel patterns. We are confident that Fairmont La Hacienda, with its world-class golf facilities and best-in-class amenities, is poised to become a premier destination for luxury tourism in Europe. Cheyne's long-term commitment to high-quality real estate and its disciplined, partnership-driven approach make it an ideal financing partner for a landmark asset of this calibre."
The deal marks Cheyne's continued conviction in European luxury hospitality following its refinancing of The Hotel Maria in Helsinki and funding for the redevelopment of Brussels' historic Hotel Metropole. For ActivumSG, Fairmont La Hacienda adds to a portfolio that includes the 471-room SLS Barcelona, the 259-room Nobu Hotel Barcelona, the Odyssey Hotel Group operating 25 hotels with 25 in the pipeline, and previous exits including the Palacio Solecio in Málaga, Hampton by Hilton Fira Gran Via in Barcelona, and Hard Rock Hotel Madrid.
ActivumSG has deployed over €1bn in European hospitality assets since 2012, whilst Cheyne Capital manages approximately $15bn in assets under management, with real estate investments comprising roughly half of the firm's portfolio. Fairmont La Hacienda is Spain's only Fairmont-branded hospitality asset.
People mentioned:
Daniel Schuldes, Co-Head of European Real Estate, Cheyne Capital
Brian Betel, Head of Direct Asset Transactions, ActivumSG
Companies mentioned:
Cheyne Capital, London-based alternative investment manager
ActivumSG, independent European real estate investment manager
Fairmont La Hacienda Costa del Sol, five-star luxury resort
