Cheyne Capital provides €134m loan to ActivumSG

Cheyne Capital has provided a €133.7 mln senior loan to ActivumSG (ASG Iberia) to finance the acquisition of the Fairmont La Hacienda Costa del Sol. 

Fairmont La Hacienda Costa del Sol

This newly built, five-star luxury resort, located in San Roque, Cádiz, officially opened in February and was acquired by ASG for €175 mln this past summer. The resort is notable as Spain's only Fairmont-branded hospitality asset.
Fairmont La Hacienda boasts an extensive array of best-in-class amenities, including a 2,044 m2 spa, four swimming pools, seven restaurants and bars, three meeting and conference facilities, and two 18-hole golf courses offering stunning Mediterranean views.
The complex features 311 keys, all with seafront views. These are distributed across 213 hotel rooms and villas, as well as 98 keys within 42 luxury branded residences available for sale to third-party owners. These residences enjoy full access to all Fairmont La Hacienda services and facilities, each featuring private gardens, swimming pools, and expansive sea-view terraces.
The sale of the hotel complex and its two adjacent golf courses (La Hacienda Links Golf Resort) was finalised in August between ActivumSG and Millenium Hospitality Real Estate Socimi (MHRE). This transaction, valued at over €170 mln, was one of the highest-value deals on the BME Growth index in 2025. Following the sale, MHRE approved an extraordinary dividend distribution of €167.5 mln.