Marbella, long synonymous with glamour, luxury, and Mediterranean charm, has welcomed a pivotal moment of revival in its high-end hospitality landscape. In a strategic joint venture, Bain Capital Credit and Stoneweg Hospitality have joined forces once again to acquire the iconic Los Monteros Spa & Golf Resort, marking their second major investment in the region. Their partnership stands as a testament to both firms’ belief in Marbella's Hospitality and its enduring allure and potential for transformation.

Los Monteros Spa & Golf Resort — A Timeless Jewel

Originally constructed in 1962, Los Monteros is among Spain’s first five-star resorts, boasting a reputation that spans generations. With 173 rooms, over half of them suites, the resort has long attracted royalty, Hollywood stars, and renowned musicians. Its rich amenities include a sprawling outdoor pool, a spa and gym, thirteen tennis courts, and La Cabane Beach Club, an elegantly appointed beachfront venue.

The prestigious on-site restaurant, El Corzo, holds the distinction of being the first hotel restaurant in Spain to earn a Michelin star. Additionally, the property offers more than 10,700 square feet of event space ideal for weddings, corporate events, and conferences. Located to the east of central Marbella, Los Monteros enjoys proximity to the town’s marina, boutiques, fine dining, and golf courses, a setting that blends exclusivity with accessibility.

From Acquisition to Renewal — A Joint Venture Strategy

Stoneweg Hospitality and Bain Capital Credit first made their mark in Marbella with the acquisition in 2021 of the Andalucía Plaza hotel in Puerto Banús. That complex is undergoing a transformation into the Hard Rock Hotel Marbella with 384 rooms including 50 suites.

Their second venture, the Los Monteros resort, represents a significant recommitment to Marbella's Hospitality market. Their plan is to modernize the resort through a complete refurbishment that respects the property’s historic charm while upgrading luxury standards. The goal is to restore Los Monteros to its prime, ensuring it resonates with discerning travelers and potential operators alike, while preserving its distinguished legacy.

Bain Capital Credit — Global Credit Expertise Meets Real Estate Reinvention

Bain Capital Credit, formerly the special situations arm of Bain Capital, has emerged as a global credit specialist with tens of billions of dollars in assets under management. This firm invests across the full credit spectrum, including leveraged loans, high-yield bonds, distressed and non-performing debt, private lending, structured products, special situations real estate, and equity stakes.

They operate across North America, Europe, and Asia-Pacific, drawing on a robust platform that extends into private equity, public equity, real estate, and venture capital. Their investment philosophy is shaped by rigorous analysis, sector expertise, and a shared platform mindset that captures strategic opportunities. The firm’s involvement in hospitality real estate through special situations real estate marks a deepening of their commitment to value-add investments in compelling geographic markets. Marbella has become one such focus in Europe for them.

Stoneweg Hospitality — Swiss-Spanish Real Estate Vision

Stoneweg Hospitality is the hospitality real estate arm of Stoneweg, a real estate investment adviser and asset manager founded in 2015 with headquarters in Geneva, Switzerland. Since inception Stoneweg has executed and advised on nearly €5 billion in real estate investments across multiple sectors.

Their model emphasizes in-house operational teams, a bottom-up approach to project selection, and strong local networks to capture premium opportunities. Stoneweg Hospitality combines this operational agility with strategic co-investment structures including joint ventures, club deals, and funds. Their presence spans Switzerland, the United States, Spain, Italy, Andorra, and Ireland, a footprint that enables local execution on projects, especially in vibrant markets like Marbella.

Marbella Acquisitions — Evolving a Luxury Portfolio

Their joint venture began with the transformation of Andalucía Plaza, now evolving into a Hard Rock lifestyle hotel that injects an energetic brand into Puerto Banús. Los Monteros takes them into resort territory with deep rooted history.

Their ambition is clear, to fuel Marbella's Hospitality sector through a portfolio that blends iconic legacy destinations with contemporary reimagining. Their Marbella strategy has already delivered the Hard Rock project, and Los Monteros promises to further cement their impact.

Post-Acquisition Developments — New Chapter Under Kimpton

Following acquisition in 2022 by Stoneweg and Bain Capital Credit for around €47 million, Los Monteros underwent a significant restoration and rebranding. Under Stoneweg’s stewardship, the resort launched in early 2025 as the Kimpton Los Monteros, joining IHG’s Kimpton luxury boutique portfolio.

The restoration entailed an additional investment of €40 million and delivered 195 refined rooms. The hotel now offers distinctive features such as luxury restaurants helmed by Michelin-starred chefs, expansive spa and gym facilities, golf access, an expansive beach club, and event-ready amenities with a narrative steeped in Marbella heritage.

This relaunch positioned Kimpton Los Monteros as a new luxury benchmark, offering nightly rates between €500 and €1,000, targeting both domestic and international guests while also mitigating seasonality through diversified appeal.

Strategic Vision and Expansion Path

Stoneweg’s successes with their first Spanish hospitality fund, spanning seven assets including Hard Rock Marbella, Kimpton Los Monteros, properties in Menorca, Ibiza, Mallorca, Tenerife, and Barcelona, totaled approximately €450 million in investments.

This foundation has emboldened the firm to plan a second hospitality fund targeting €1 billion, broadening their geographic focus to Portugal and Italy. The purchase of real assets management platform Cromwell, which bolstered Stoneweg’s operational scale across Europe, underscores their intent to scale efficiently. Stoneweg now leads as a major trans-European player in real estate hospitality, supported by a platform that can underpin large fund ambitions.

Bain Capital Credit and Stoneweg — A Lasting Partnership

Their collaboration encapsulates complementary strengths, Stoneweg’s localized operational expertise paired with Bain Capital Credit’s financial depth, global scale, and strategic capital deployment. They share a vision for rejuvenating iconic properties, repositioning them for new eras of travel demand, elevated guest experiences, and long-term value creation.

Their Marbella strategy reflects more than transactions, it reveals a pattern of thoughtful preservation, modernization, and brand-led repositioning aimed at sustaining Marbella's Hospitality as a top luxury destination.

Looking Ahead — Marbella's Hospitality Reinvented

The revitalization of Los Monteros as Kimpton Los Monteros enriches Marbella's Hospitality landscape by weaving modern luxury into a historic fabric. The property now stands as a beacon of upscale reinvention that honors its roots.

The partnership between Bain Capital Credit and Stoneweg Hospitality not only highlights Marbella’s potential for high-end hospitality resurgence but also exemplifies how strategic capital and operational acumen can revive landmark assets. Their future endeavors particularly through Stoneweg’s ambitious second fund suggest that this is just the beginning of a wider evolution for hospitality across Southern Europe.