Bofill Mir advises BICE Vida on 30-year hotel lease

Bofill Mir advised BICE Vida Compañía de Seguros S.A. on the negotiation and execution of a 30-year lease agreement for a hotel property with OLÁ Costanera SpA, a Sanvest Group company operating the OLÁ hotel brand. The transaction included the negotiation of pre-contractual and final documents.

The transaction incorporates a structured financing mechanism under which BICE Vida may acquire the hotel fit-out works for up to UF 125,000, approximately US$5.33 million. The structure is supported by a complex security package and a rent-linked payment structure.

The transaction combines a long-term commercial real estate lease with a financing structure for the project’s fit-out works to be developed by the counterparty. The rent structure includes a grace period, escalating fixed rent and an annual variable rent indexed to the hotel’s total revenues. The security package includes share pledges, pledges over sub-lease receivables, promissory notes, and put and call option agreements over the fit-out works.

The transaction was successfully completed through the execution of the lease agreement and ancillary documents, enabling the commencement of the hotel development project on real estate owned by BICE Vida.

The transaction took place between March 2025 and June 2026 and was not cross-border. Ana María Yuri acted as lead partner, with Antonia Ballacey and Ignacio Avendaño also advising, all based in Santiago and in the Corporate Law practice. Vergara, Fernández, Costa & Claro acted as counsel for OLÁ Costanera SpA.

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