A fund advised by DRC Capital has refinanced a €65m (£56m) development loan for a hotel in Santa Eulalia, Ibiza, in a deal brokered by BBS.

The original loan funded the development of Santa Eulalia Holding’s W Hotel in Ibiza, the first global luxury brand to be represented on the island.

The new deal has released capital for the redevelopment of other properties in the area.

Joanne Barnett from BBS said: “We are delighted to have helped our client to refinance the development facility for this exciting, placemaking project. DRC were an ideal choice as they understood the real potential of this asset which had only just started to trade.”

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