Fuertes is closing a deal to buy Marina D'\'Or and plans to open next year.

The Mediterranean region of Spain has seen a significant deal in the tourism and hotel sector. Grupo Fuertes, a company specializing in the production of food products, together with Magic Costa Blanca acquired the tourist complex Marina d'\''Or, located in the town of Oropesa del Mar, in the province of Castellon. The sale took place in conjunction with the investment fund Farallon Capital Management L.L.C from the United States. The transaction was officially approved by the National Commission for Market Regulation and Competition (CNMC), with the active assistance of legal advisors Garrigues, Rosillo Rein, PwC and Almar on the buyers' side, Grupo Fuertes and Magic Costa Blanca, and financial and real estate advisors Colliers and Deloitte and Pérez-Llorca as part of Farallon Capital Management L.L.C.

The hotel will be managed by''to be carried out by the Magic Costa Blanca chain with operational support from Grupo Fuertes. Both companies own 50% of the complex. With the arrival of the season later Marina d'\''Or will be able to carry out planned refurbishments and works so that everything will be ready for the next summer season.

In the process of changing ownership, the local resort has tentatively closed to the public earlier than usual on September 17, 2023. This decision has resulted in canceled reservations and refunds to customers, who are also entitled to appeal for damages. The reason for this premature closure is the search for profitability, the main goal Farallon stated when entering the deal. Tourism was no longer bringing in enough''income.

It's worth noting that Marina d'\''Or is in a much better financial position now than it was four years ago before acquiring Farallon. The director of the complex, Antonio Maeso, said in a summer interview that the situation was difficult, but now the company has fully stabilized with favorable conditions and profitability, which is very different from the last two years.