German bad bank FMS Wertmanagement has agreed to sell its final Spanish and Portuguese loan assets for €500m (£362m) to Oaktree Capital Management.
Project Gaudi has an unpaid balance of €740m and comprises 18 loans, including performing, sub-performing and non-performing loans.
Trophy assets include the 483-bedroom Hotel Arts in Barcelona (pictured) and the five-star 194-bedroom Penha Longa Hotel Golf Resort in Cascias.
In addition to the hotels, the loan is secured by five shopping and leisure centres, four business parks in Madrid and Barcelona, 17 Blue Self Storage assets as well as residential and industrial development sites.
