The hotel investment arm of global real estate company Stoneweg has added two assets in Spain to its portfolio.

Stoneweg Hospitality said it has invested €83m on behalf of its funds to acquire the properties in Tenerife and Mallorca from Globalia Business Corporation.

The assets comprise the 226-room La Niña hotel in Costa Adeje, Tenerife and the 184-room Palace de Muro hotel in Muro, Mallorca.

Stoneweg Hospitality said it expects to refurbish the hotels as part of a repositioning programme.

Miguel Casas, managing director of Stoneweg Hospitality, said: “This was a rare opportunity to establish a footprint in two of Spain’s top performing hospitality destinations, a market where the tourism sector has enjoyed an unprecedented post-Covid rebound, and add two assets that complement our existing high-quality portfolio.

“While already offering strong fundamentals in their own right, in line with our existing strategy, our highly experienced team will upgrade and reposition the assets in order to generate additional returns through the creation of differentiated products from a concept and branding perspective.”

Stoneweg’s hotel arm, which was established in 2021, currently owns a portfolio of seven prime hotels across Spain.

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