RIC Private Equity invests €7 million to renovate Apartamentos Merlín into the MYND Adeje Hotel, utilizing a participatory loan structure supported by local taxpayer contributions.

Target Information

RIC Private Equity has announced an investment of €7 million to fund the renovation of the Apartamentos Merlín, which will be transformed into the MYND Adeje Hotel. This significant financial support will allow for the modernization and enhancement of the property, aiming to elevate the accommodation experience in the region.

The project is funded through a participatory loan, with capital repayment scheduled for November 2026. This funding arrangement is bolstered by local Canary Islands taxpayers who contributed an equivalent amount through subscribing and disbursing shares issued by RIC Private Equity specifically for this initiative.

Industry Overview

The hospitality industry in the Canary Islands has been experiencing steady growth, driven primarily by a robust influx of tourists from Europe and beyond. With its pict