The borrowing company is MOJÓN DEL PONIENTE, S.A., which has owned the asset since 2019. The Project sponsor is Stoneweg, an international alternative investment platform headquartered in Geneva, with close to €10 billion in assets under management.

The asset was acquired in 2019 for €12.5 million and underwent a full refurbishment between 2019 and 2020, the year it opened to the public. The investment in construction costs amounted to approximately €10 million.

The aparthotel has been operated since 2020 by Alegría Hotels, a Spanish hotel chain specialising in holiday and urban hotels, founded by Joan Pascual, which manages a portfolio of 25 hotels and aparthotels in Spain and Andorra. Under its management, the aparthotel has maintained occupancy rates above 82%.

The relationship with the operator is governed by a long-term lease agreement, which includes fixed rent indexed to the CPI and additional variable rent linked to the aparthotel’s performance. In 2025, the sponsor received fixed rent of approximately €1.4 million and variable rent of between €200,000 per year. The lease expires in October 2029 and includes options to extend upon expiry. 

The 5 commercial units are leased under long-term agreements and generated fixed rent of approximately €254,000 per year in 2025.

Urbanitae investors will participate in the project through the granting of a senior loan secured by a mortgage, which will be disbursed in a single tranche. The net proceeds will be used to:

• Refinance the existing bank debt secured against the asset, amounting to €9.21 million.

• Partially recapitalise the sponsor’s equity through a dividend, amounting to €6.29 million.

The total loan amount of €16,450,000 will carry a fixed annual interest rate of 9.75% and have a term of 24 months, with the option to extend by an additional 12 months at month 24 (24+12). 

Of the €16,450,000, €3,500,000 will be funded by Urbanitae investors, with the remainder funded by co-investors.

Unlike a development project, the asset has already been built and is operational, so the transaction carries no construction or licensing risk. The income generated by the asset is sufficient to cover quarterly interest payments throughout the term of the loan. As with all Projects, a Due Diligence process has been completed with satisfactory results, validating the asset’s technical condition and confirming its value.

Urbanitae investors will exit through refinancing, a sale of the asset, the creation of a SOCIMI, or the sale of individual units.

STRUCTURE

This transaction will be structured as debt, with Urbanitae investors granting a fixed-rate loan to MOJÓN DEL PONIENTE, S.A.

The total gross loan amount will be up to €16,450,000, with the following main terms (*for more information, please see the “Key Investment Information” document*):

• Total loan amount: up to a maximum of €16,450,000, of which Urbanitae investors will contribute €3,500,000, disbursed in a single tranche.

• Fixed simple annual interest rate: 9.75%, comprising:

o 5.75% per year, payable quarterly from the cash generated by the hotel’s rental income.

o 4.00% per year, capitalisable at maturity: on each quarterly payment date, the Borrower may choose to pay this amount in cash or capitalise it. If capitalised, the amount will be added to the loan principal and will itself accrue interest.

o In the event of an extension, between months 24 and 36, the interest rate will increase to 10.75% per year (6.25% payable quarterly and 4.50% PIYC), and the Borrower will pay an extension fee of 1.0%.

• Loan term: 24 months, with the option to extend by 12 months at month 24 (24+12, up to month 36). 

• The loan principal will be repaid at maturity (“bullet”). Early repayment, in whole or in part, is permitted at any time, subject to payment of minimum guaranteed interest for 18 months.

• Interest will begin to accrue from the date the loan agreement is signed or, if earlier, three weeks after the funding campaign is launched.

• The loan represents an LTV of 54.5% of the asset’s current value, according to the RICS valuation carried out during Due Diligence (€30,166,000).

The financing agreement provides for the following loan security:

• First-ranking mortgage security over the asset being financed, with mortgage liability equal to 140% of the principal.

• First-ranking pledge over the shares of the Borrower.

• First-ranking pledge over the Borrower’s bank accounts.

• First-ranking pledge over the receivables arising from the aparthotel and commercial unit lease agreements.

• Debt limit (LTV covenant): the loan, including capitalised interest, may not at any time exceed 57.5% of the asset’s value. This amount will be reviewed quarterly against the RICS valuation, which will be updated annually. 

• 100% cash sweep of the net cash flows generated by the asset if the LTV exceeds 55%, to be used for early repayment of the Urbanitae loan until the ratio is restored. 

WHY INVEST?

There are several reasons to invest in this project:

• Income-generating asset, with no construction or licensing risk: the aparthotel and commercial units are fully operational and generate recurring income of approximately €1.8 million per year, comfortably covering quarterly interest payments.

• Annual return of 9.75%, with quarterly interest payments (5.75%) and a minimum guaranteed return equivalent to 18 months of interest (14.6%).

• First-ranking mortgage security over the asset

• Cash sweep of net cash flows if leverage exceeds 55%.

• Moderate leverage: the loan represents an LTV of 54.5% of the asset’s RICS valuation.

• Established tourist location: Playa de las Américas, 400 metres from the beach and within the Arona–Costa Adeje corridor, one of Spain’s leading holiday destinations, with high and stable demand throughout the year.

• Experienced operator: Alegría Hotels manages 23 hotels and aparthotels in Spain and has operated the aparthotel since 2020, with occupancy rates above 80%.

• Leading sponsor: the asset belongs to the Stoneweg Group, which has invested approximately €11.5 million of equity in the project.

MARKET

The asset is located in the municipality of Arona, which, together with Adeje, forms Tenerife’s main tourist hub. In 2025, Arona recorded 9.4 million overnight stays, with an average occupancy rate of 82.8% and an average daily rate (ADR) of €124.5, demonstrating the strength of hotel demand in the area.

A market study has been carried out using comparable aparthotels in the Playa de las Américas area to analyse the asset’s positioning in terms of rates and market position.

WHEN WILL I GET MY MONEY BACK?

The estimated term of this project is 24 months, with the possibility of a 12-month extension at month 24 (24+12, up to month 36).

• November 2026: Urbanitae investors grant the loan and the existing bank debt secured against the asset is repaid.

• Quarterly (31/12/2026, 31/03/2027, 30/06/2027, 30/09/2027, 31/12/2027, 31/03/2028, 30/06/2028, 30/09/2028): cash interest payments (5.75% per year) throughout the term of the loan.

• November 2028: sale or refinancing of the asset and repayment of the Urbanitae loan (principal and any capitalised PIYC interest) within the 24-month term.

RISKS

All investments involve risk. The main risks identified for this project are set out below:

• Exit or refinancing risk, as repayment of the loan depends on the sale or refinancing of the asset at maturity. This risk is mitigated by the transaction’s moderate leverage (maximum LTV of 57.5%) and the fact that it is an income-generating asset with stable, recurring income, which facilitates both a sale and refinancing. Alternative exit routes are also available, such as the individual sale of units following the legal division of the property into separate units. Finally, the loan includes an option to extend by 12 months, up to month 36.

• Risk of a decline in the asset’s income due to a downturn in tourism or deterioration in the aparthotel’s operations. This risk is mitigated because most of the Borrower’s income (approximately €1.6 million per year) comes from fixed rent under the lease agreements and does not depend on the aparthotel’s performance. Variable rent accounts for a smaller share of income. In addition, rental income covers almost twice the loan’s cash interest payments.

• Risk of a change in the asset’s value. This risk is mitigated by the 57.5% LTV limit, reviewed quarterly against an annual RICS valuation. In addition, the 100% cash sweep of the Borrower’s net cash flows if the LTV exceeds 55% mitigates the risk of a decline in the asset’s value.

• Possibility of changes to the agreed terms. This risk includes potential material changes occurring between the launch of the funding campaign and the execution of the loan agreement. In such a case, the project would be cancelled and the investment returned.

Warnings and Risks

Urbanitae Real Estate Platform S.L. (Urbanitae) is not an investment firm or a credit institution and is not a member of any investor compensation scheme or deposit guarantee scheme. The information published by Urbanitae Real Estate Platform on its Website is for informational purposes only and may under no circumstances be considered an investment recommendation to potential investors.

The crowdfunding projects published by Urbanitae on its Website are not authorised or supervised by the Spanish National Securities Market Commission (CNMV) or the Bank of Spain. Therefore, all information provided by the manager in relation to the projects has not been reviewed by either of them.

Urbanitae expressly informs investors that, if the project’s full investment target is not reached, the fundraising period may be extended by up to 25%, with the same investment terms and conditions. The project may also be funded by Urbanitae once at least 90% of the funding target has been reached, after deducting any participation in the project by the platform itself. 

Investing in projects published on this Website may involve certain risks, such as the risk of losing all or part of the invested capital, not obtaining the expected financial return, or a lack of liquidity. Investors are therefore advised to invest only an amount they are prepared to lose, and are encouraged to diversify their investments to minimise and mitigate potential risks. If the manager is unable to repay or remunerate the funds received, Urbanitae will not return investors’ investments.

This project will be open to any investor registered with Urbanitae. Any of the following registered persons may invest in it:

• Urbanitae shareholders who hold at least 20% of the share capital or voting rights;

• Urbanitae directors or employees;

• Individuals or legal entities linked by control to those shareholders, directors or employees.

In this regard, Urbanitae guarantees that investments made by any of these persons will be made through the platform, on the same terms and conditions as those applicable to any other investor, without preferential treatment or privileged access to information compared with other investors registered with Urbanitae. Under Urbanitae’s Internal Code of Conduct, these investors are required to report such transactions internally.

Once the investment in the project has closed, Urbanitae will provide information in the project’s investment area on the amount invested by these investors, the type of investor who made the investment, and the percentage it represents of the total amount funded, in accordance with its data protection policy.