Banca March and ICO offer HM Hotels loan to build sustainable hotel
22 November 2021 Category: Agreements
Banca March remains utterly committed to shared growth with customers, employees, shareholders and society as a whole.
- The 20 million-euro loan will finance the construction of a hotel in Palma de Mallorca which will uphold the strictest environmental standards, such as reusing greywater from showers and sinks, generating photovoltaic power using solar panels and using 100% renewable energy.
Banca March and Spain's Official Credit Institute have offered a loan worth 20 million euros to HM Hotels to finance the construction of a hotel in Palma de Mallorca which will uphold the strictest sustainability standards.
As well as the usual energy efficiency and waste management measures, the project will boast innovative environmental initiatives such as reusing greywater from showers and sinks, generating photovoltaic power using solar panels, using 100% renewable energy sources and fitting smart meters in rooms to make guests aware of the energy savings afforded by the facilities and of the reduction in CO2 emissions compared to traditional hotel facilities.
The project will harness free heat recovery from exterior air conditioning units to generate hot water, reducing the use of natural gas by the hotel's boilers.
Banca March, which was founded in the Balearic Islands and is wholly family-owned, has cemented its position as a specialist provider of corporate advisory services, geared particularly towards family businesses and the hotel and tourism sector, with which it has forged close ties over several decades. Banca March's substantial market share in the hotel sector affords it significant expertise and specialist knowledge of the leisure and tourism business, and its customer base includes companies representing over 30% of all hotel accommodation in Spain.
Banca March remains utterly committed to shared growth with customers, employees, shareholders and society as a whole. This commitment is the cornerstone of the bank's century-old philosophy; a philosophy which means our management approach must contribute to an inclusive, sustainable economic model whilst remaining profitable for all of our stakeholders. The bank has positioned itself as a key provider of sustainable financing and has completed transactions worth a total of 420 million euros with hotel companies in the last year to fund energy efficiency projects.
The ICO is participating in the transaction as part of its strategy, as Spain's national development bank, to support projects by mid-sized Spanish companies to step up their growth and competitiveness. The transaction is also a reflection of its commitment to use public private partnerships to support sustainable projects to accelerate the green and digital transition of the productive model and underpin the economic recovery.
José Manuel Arcenegui, Managing Director of Banca March and Head of Corporate Banking, said: “Since the pandemic broke out, Banca March has afforded robust support to its customers in the sector. We have done so for decades and we will continue to do so, because we believe in the tourism sector's potential for recovery and in the robust business landscape and outstanding professionals that have positioned Spain as a global tourism sector leader.”
ICO Chairman José Carlos García de Quevedo said: "This transaction is another example of how the public private partnership model can help support the recovery of the tourism sector and underpin projects by mid-sized companies which act as a catalyst for growth. The construction of this new hotel will support the growth of the HM Hotels Group and contribute to the creation and protection of jobs in Mallorca”.