A portfolio of seven hotel assets on the Balearic islands has gone into administration after its owner, Spain's Nueva Rumasa, defaulted on the loan.

The property company, which is owned by the Ruiz Mateos family, has filed for voluntary bankruptcy for six hotels - Santa Fé, Eurocalas, Samoa, Clumba Mar, Sarah, and Beverly Playa - in Palma de Mallorca and the Sea Club hotel in Menorca, held by Hotasa, Nueva Rumasa's hotel arm.

The announcement comes two months after Nueva Rumasa appointed specialist property agent and adviser Christie + Co to advise it on the sale of its entire Hotasa hotel portfolio.

Hotasa Group owns 15 hotels and resorts comprising one hotel on the Costa del Sol; five hotels in Tenerife; one hotel in Gran Canaria; one hotel in Huelva. The properties reportedly have a debt load of EUR 200 mln.