Hispania Activos Inmobiliarios real estate investment fund has carried out the first phase of the investment in Bay Hotels & Leisure, S.A. ("BAY"), purchasing 80.5% of the company from Grupo Barceló. 

BAY owns a portfolio of 11 holiday hotels with 4,000 rooms and a shopping center in Spain. BAY also has other assets related to the transaction that it rents to Grupo Barceló. In the transaction, the firm also advised on the syndicated financing of BAY.

This transaction was led by the Madrid office with a legal team comprising senior associate Joaquín Garaulet (Real Estate and Construction Practice), partner Esteban Flores (Town Planning Practice) and partner Fernando Bernad (Finance Practice). Cuatrecasas, Goncalves Pereira cooperated with Freshfields in this transaction.