Spanish lender CaixaBank SA has agreed to sell a hotel property portfolio valued at €700 million to Apollo Global Management LLC, El Confidencial reported Dec. 29.

Financial sources said the bank had agreed to sell 20 four- and five-star hotel properties that had defaulted on loans.

Spanish banks have been trying to offload their toxic real estate debts accumulated after Spain's property bubble burst in 2008. Bain Capital Credit LP said Dec. 29 that it had bought a distressed real estate portfolio from an unnamed Spanish financial institution, reportedly Banco de Sabadell SA.