Hospitality Experience
Structured Financing for CapEx at Hotel Andante Princesa
February 2026
Horwath HTL Spain, through its Capital Markets & M&A unit, has successfully structured and advised a financing transaction for the CapEx of Hotel Andante Princesa, achieving an effective rate of 12-month Euribor –0.50%, thanks to a 2.00% annual subsidy from the Generalitat of Catalonia and alignment with European funds (EIB) GREEN SMEs & Midcap channeled via ICF.
Project scope
The financing supports a full asset renovation, incorporating ESG standards and governance criteria required for eligible projects.
It includes a design and structuring process that respects maximum aid intensity limits (under the minimis regime), delivering an ultra-competitive cost and reinforcing financial and operational sustainability.
Key Terms:
Total tenor: 84 months │ Grace period: 9 months │ Amortization: monthly, constant installment.
Strategic Fit: Grupo La Llave de Oro
This transaction is part of Grupo La Llave de Oro’s corporate strategy, focused on asset diversification and direct hotel management.
Recent expansions include the acquisition of Hotel Almirante and Ciutat Barcelona, as well as the development of a new 4★ property in L’Hospitalet (Plaza Europa) with 93 rooms.
Responsible Leverage
At Horwath HTL Spain, we advocate a technical and prudent approach:
- It makes sense when the project is sustainable across economic, operational, environmental, and social dimensions.
- We validate feasibility through sensitivity models, stress-tests, and covenants aligned with operations.
- Goal: balanced capital/debt structure, resilient cash flow, and long-term value creation.
“This transaction demonstrates how combining public and private resources with rigorous financial design can deliver exceptional conditions for sustainable hospitality projects.”
Antoni Cuadrada, CEFA®, Senior Director of Capital Markets & M&A at Horwath HTL Spain
Horwath HTL Spain continues to lead Capital Markets advisory for hospitality projects, delivering integrated solutions that combine financial innovation with sector-specific insight.
Project Location
Raval District. Barcelona, Spain
