Alantra advises Hotei Properties in connection with Panwick Project’s public tender offer

Sep 2026

Strategic Advisory - Fairness Opinion

Madrid – Alantra has acted as independent financial advisor to Hotei Properties Group SOCIMI, S.A. (“Hotei Properties” or the “Company”), providing an independent valuation and issuing a fairness opinion in connection with the public tender offer announced by Panwick Project, an investment vehicle associated with Sancus Capital.

Hotei Properties is a listed real estate investment company focused on five-star luxury hotels in Spain. Following its recent portfolio rotation, the Company’s hotel portfolio comprises six properties across Madrid, Seville and San Sebastián, including JW Marriott Madrid, Radisson Collection Sevilla, or Nobu San Sebastián. Hotei’s strategy is centered on acquiring well-located properties for their transformation into five-star hotels and establishing agreements with national and international hotel operators.

As part of its mandate, Alantra performed a comprehensive valuation analysis of Hotei Properties, taking into account the Company’s underlying hotel portfolio, business plan, capital structure, recent and contemplated asset disposals, prevailing market conditions and relevant valuation benchmarks. Based on this analysis, Alantra provided the Company’s relevant corporate bodies with an independent financial assessment of the consideration offered under the tender offer.

Miguel Hernández, Managing Partner & Executive Chairman of Investment Banking, said: “This mandate reflects Alantra’s ability to combine deep Real Estate and Hospitality expertise with independent corporate finance advice, bringing together a detailed understanding of the underlying assets with rigorous valuation capabilities.”

Jorge Roa, Managing Director at Alantra, added: “Our analysis considered Hotei Properties from both a corporate and underlying asset perspective, providing its corporate bodies with an independent and well-supported financial framework to assess the offer consideration.”

This transaction further reinforces Alantra’s track record across Real Estate advisory, following its recent advice to REIS – Real Estate Investment Strategies on securing up to €55mn of senior financing for a residential development in Lisbon, Neinor Homes on the design and structuring of a joint venture with Stoneshield for a €600mn residential project in Marbella, and its role as Co-Lead Manager on Merlin Properties’ €768mn capital increase to support its data center expansion strategy.