Belagua, the hotel company controlled by businessman Antonio Catalán, has closed a deal with the Cosmen family to acquire about 14% of the capital of AC Hotels, for a total amount of 41 million euros. This is stated in the annual accounts of the company, presented in the Mercantile Registry and consulted by Europa Press through Informa.
The entry of this share package into Belagua has been structured through several staggered operations between the fiscal year 2025 and the first months of 2026.
In a first stage, on June 18, 2025, Belagua bought from CMC XXI –investment vehicle of the Cosmen family– a block of 269,787 shares, for which it paid 10 million euros.
Later, on December 4, 2025, the acquisition of a second package of 566,455 shares, valued at 21 million euros, was closed. Both sets of shares were directly incorporated into the treasury stock of the hotel chain.
After these two purchases, CMC XXI's direct participation in the capital of Belagua was reduced by 10 points, from the 12.55% it held at the end of 2024 to 2.09% at the end of 2025.
In February 2026, the general shareholders' meeting of Belagua gave the green light to the purchase of a third batch of 283,227 additional shares, owned by CMC XXI and Principado SL –both companies linked to the Cosmen family– for an outlay of 10.5 million euros.
After this last operation, the presence of the Cosmen (founders and owners of the bus company Alsa), adding both companies, has been reduced to around 4%, according to information published by the newspaper Expansión.
To face this last acquisition approved in the meeting, the board of directors authorized the signing of a bank loan for a maximum amount of 10.5 million euros.
The financing has been structured with a variable interest rate referenced to the 12-month Euribor plus a differential of 0.5%, and contemplates a repayment period of up to seven years.
At the close of the fiscal year 2025, the reference shareholder of Belagua continued to be the company Anca Cartera Hotelera, controlled by Antonio Catalán, with 50.93% of the capital. In second place was Néstor Oller, founder of Almirall, who holds 15.7% through Silver Palomino, while the company's treasury stock amounted to 16.2%.
Financial results and asset portfolio
In the economic plan, Belagua recorded in 2025 a turnover of 286 million euros, which represents an increase of 6.7% compared to the previous year.
The operating result (Ebit) advanced by 8.7%, reaching 50 million euros.
The company closed 2025 with a net profit of 25.81 million euros, according to the Official Annual Accounts filed with the Commercial Registry.
Looking ahead to the 2026 fiscal year, the management of Belagua anticipates a positive evolution of tourist demand and is confident in maintaining a "favorable" financial position throughout the year.