Spanish Hotel Resort Fund (“SHRF”) is a project formed by three investment vehicles (two SCR companies and one FCR fund) that invest in companies and hotel assets in Spain’s main tourist areas: the Balearic islands, the Canary islands and the Costa del Sol. SHRF manages a capital of €70 million (+ leverage) and has completed its investment phase, building a portfolio consisting of two hotels in Mallorca (Alcudia y Playa de Palma), one hotel in Lanzarote (Costa Teguise) and one hotel in Benalmádena. More than 900 rooms.

SHRF is defined as a value-add hotel product:

• Creating value by repositioning assets through CapEx investment.
• Improving operational management by changing from family management to management by a hotel chain specialised in this product, based in Mallorca.
• Redefining the hotel offering: hotel category, accommodation options, etc.