- The project, which involves the development of a premium aparthotel, is being carried out through Buenavista NextGen Urbano using resources from NextGeneration EU. Funding is structured as a combination of equity and a participating loan
- Suite Inurritza, S.L., a special purpose vehicle jointly owned by Promociones B.Martija and Buenavista NextGen Urbano, will be responsible for developing the asset, with a total investment of €20.8 million. The remaining financing will be provided through bank debt from LABORAL Kutxa
- The aparthotel, located in Zarautz (Gipuzkoa, in the North of Spain), will comprise 80 suites and will be operated by ABBA Hoteles, providing additional stability for the project
Madrid, 10th June 2026. Buenavista Equity Partners (“Buenavista”), a private equity manager specialising in the lower and mid-market segment in Spain, has completed a key transaction through its Buenavista NextGen Urbano fund to finance the development of an 80-suite premium aparthotel in Zarautz (Gipuzkoa, in the Basque Country, North of Spain), one of the most sought-after tourist destinations on the Basque coast. The total investment in the project amounts to €20.8 million.
Financing is being provided through Suite Inurritza, S.L., a special purpose vehicle majority-owned by Promociones B.Martija, S.L. Buenavista NextGen Urbano will contribute €7.9 million, structured as a minority equity stake and a participating loan. The remainder of the project financing will be covered by bank debt provided by LABORAL Kutxa.
The aparthotel will be operated by the ABBA Hoteles chain under a lease agreement, while construction will be undertaken by Construcciones Amenábar.
The building, for which planning permission has already been granted, will feature 80 suite-style units, each with a double bedroom, living-dining area with integrated kitchen, and a private bathroom. The property will comprise six floors, a rooftop terrace with jacuzzi and solarium, and two basement levels with parking facilities. The construction is expected to be completed within 20 months.
Victoriano López Pinto, Managing Partner of Buenavista Infrastructure, commented, “Being part of a project that will serve as a benchmark for sustainable tourism development on the Basque coast is particularly meaningful for us. This is a clear example of how European financial instruments can be used to drive local projects, generating high-quality assets that deliver lasting value to the region and its visitors, while also supporting significant economic activity and job creation.”
Next Generation EU funds
Buenavista is channelling this investment through Buenavista NextGen Urbano, an infrastructure vehicle launched after being appointed as a financial intermediary to allocate €200 million from the Fund of Funds established by the European Investment Bank, using resources from the Regional Resilience Fund (FRA). This initiative forms part of Spain’s Recovery, Transformation and Resilience Plan and is financed by Next Generation EU. The funds are intended to support economically viable projects related to affordable housing, urban development and sustainable tourism.
With this investment in the Zarautz aparthotel, the fund has now completed four financings for urban regeneration and sustainable tourism projects in Spain. Previous support includes financing for Eranovum’s rollout of charging points, Gemswell Madrid Surf for the construction of Europe’s largest artificial surf lagoon, and Sokai Gipuzkoa for the development of its life sciences centre in San Sebastián.
Advisors
Buenavista NextGen Urbano was advised by BDO Abogados on legal matters, with Baker Tilly acting as commercial adviser. AFI led the sustainability review, and Howden served as insurance adviser.
About Buenavista Equity Partners (www.buenavistaequity.com)
Buenavista Equity Partners is an independent management firm founded in 1996 that operates in the middle-market segment. It currently manages over €1.3 billion across various private equity, infrastructure and venture capital vehicles.
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José Luis González / Alicia Hernández
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