La hotelera de Catalán compra el 14% de los Cosmen por 41 millones

Belagua, the hotel company owned by entrepreneur Antonio Catalán, has recently acquired a 14% stake in the Cosmen family business for a total expenditure of 41 million euros. According to the company's accounts filed with the Mercantile Registry, Belagua acquired a pool of 269,787 shares from CMC XXI, a company controlled by the Cosmen family, for 10 million euros on June 18, 2025.

Later, on December 4, 2025, Belagua purchased an additional pool of 566,455 shares for 21 million euros. The acquisition resulted in the Cosmen's stake in Belagua dropping from 12.55% at the end of 2024 to 2.09% by the end of 2025. In February of this year, Belagua's board of directors agreed to buy 283,227 shares from CMC XXI and Principado SL, also belonging to the Cosmen family, for 10.5 million euros.

Following this latest transaction, the Cosmen's ownership in Belagua had dwindled to just 4%. As of the end of 2025, the largest shareholder in Belagua was Anca, controlled by Antonio Catalán, holding 50.93% of the shares. Subsequently, the board of directors authorized a loan of up to 10.5 million euros to finance this transaction, with an annual interest rate of Euribor 12 months plus a differential of 0.5%, with a maximum maturity of seven years.

In the 2025 fiscal year, Belagua generated 286 million euros in revenue, a 6.7% increase, and a 8.7% improvement in operating results, reaching 50 million euros. However, the net profit attributable to shareholders decreased by 34% to 27 million euros. The rental expense in 2025 reached 42.8 million euros. Apart from the owned and leased hotels, Belagua operates AC Ciudad de Tudela and AC Hotel Elda through surface concession rights, while AC Hotel San Sebastián de los Reyes is operated under a private surface concession agreement.

The duration of these rights ranges from 33 to 75 years. For 2026, Belagua anticipates a positive development in its activity and expects to maintain a favorable financial position throughout the fiscal year. In terms of construction and renovation projects for 2026, most of the investment is focused on the AC Hotel Don Benito (operated by the subsidiary AC Hotel Don Benito).

The goal is to renovate its technical and comfort facilities. As of December 31, 2025, the net book value of Belagua's owned assets amounted to 226 million euros. Additionally, a new project in Granada was put on hold, with the company planning to build a hotel for 4.6 million euros. The purchase, fully paid in the previous year, was financed through a loan.