DLA Piper advises on the EUR400 million refinancing of Minor Hotels

DLA Piper has advised a syndicate of financial institutions coordinated by BBVA, CaixaBank and Banco de Sabadell on the granting of financing to Minor Hotels Europe & Americas, S.A. (formerly NH Hotel Group). The transaction aims to refinance Minor Hotels' senior debt maturing in July 2026, as well as to grant a revolving credit facility.

The financing, totaling EUR400 million, was structured in two tranches (both with green loan provisions):

• A loan of EUR200 million.
• A revolving credit facility of EUR200 million.

The funds will support Minor Hotels’ sites in Spain, Belgium, the Netherlands and Italy. Led from DLA Piper’s Madrid office, the multidisciplinary team advised on the negotiation of the term sheet and the release of prior guarantees, ensuring smooth execution across multiple legal frameworks. The multidisciplinary team provided financing advice, including the negotiation of the term sheet and the release of prior guarantees, ensuring smooth execution across multiple legal frameworks.

The DLA Piper team was led by Jesús Zapata, partner in the firm's Finance practice, and Country Managing Partner, Spain. He was supported by a cross-border team including Finance partners José Marco (Madrid); Lex Oosterling (Amsterdam); Caroline Hoste (Brussels); and Giovanni Ragnoni and Finance legal director Claudio D’Alia (both Rome). The team also included counsels Nerea Cemlyn-Jones (Finance, Madrid), and María Alonso (Tax, Madrid); senior associate Antonio Olarte, and associates Ángel Ansorena and Víctor Sanjuan (all Finance, Madrid).

Jesús Zapata commented: “This complex financing reinforces our ability to offer strategic counsel on sustainable finance across multiple borders.”

The transaction closed in July 2025.