Type of investment: start-up
Participation of SODENA: 21,7%

SODENA participates in the new investment fund Fondetur S.P.E. S.A., whose share capital is 5.5 million euros. It is a limited company set up to develop companies that will work in the promotion of a chain of 'hotels with charm' (between 25 and 35 rooms) in rural parts of Navarre aimed at the middle-higher market segment. The remaining 80% of Fondetur is in the hands of private investors.

This new fund is structured in two directions:

Investment: Fondetur holds a minority share (up to 40%) on a temporary basis (up to a maximum of 17 years) in each of the new hotels that may be built. Each developer, which can also be the owner of the plot or property, participates with 60% of the investment, a figure much higher than in a conventional hotel.

Fondetur's role is to search for locations and partners to develop the idea of a network of hotels, trying to obtain critical mass in the number of rooms in order to guarantee the success of the project.

Marketing: Fondetur will help the developers in the marketing of the hotels, bringing them together under an 'umbrella' brand through a reservation call centre. It will also work with tour operators that are specialised in this type of medium-high product, offering over 300 rooms when the project is completed.

The type of 'hotels with charm' that Fontedur plans for Navarre involves an investment of between 2.4 and 4 million euros for each new establishment, with a minimum maturity period of six years. Among the strategic objectives of SODENA is the balanced development of Navarre and the promotion of the service, leisure and tourism sectors, while always aiming at the overall profitability of its investments.

SODENA, together with Fondetur, aims to provide an accommodation option that is almost non-existent in Navarre. It also aims to create employment in rural areas, mainly among women, and to foster more ordered economic development. The new hotels in which Fondetur may participate do not compete with the present tourist accommodation infrastructures in Navarre. They are aimed at a completely different and complementary market segment that is not currently covered by the private sector.

CThis start-up project aims to identify Navarre as a quality tourism destination and diversify its range of services to cover a wider market segment than at present.