Spanish REIT Hispania has acquired the mortgage debt of Dunas Hotels & Resort for €75 mln, adding a total of 1,183 rooms to its portfolio.
The debt is distributed across four hotels on the island of Gran Canaria: the Dunas Don Gregory, Dunas Suits and Villas, Dunas Maspalomas and Dunas Mirador. All the resorts are four-star properties with the exception of the three-star Dunas Mirador.
The purchase at discount, which is subject to creditors' approval, will end the liquidation process of Dunas and allow the company to be recapitalised, Hispania said in a statement.
Additionally this past month Hispania has acquired a residential complex located in the north of Madrid, in Avenida de la Hispanidad, 3. The asset includes 91 residential units of one and two bedrooms, distributed throughout 6,296 m2 plus 146 parking spaces. Total acquisition price has amounted to 16 million euro.
The acquisition brings Hispania's total hotel sector assets to more than 10,500 rooms, to go with its 153,600 m2 of office space and 759 residential properties.
The company also recently bought a residential complex in Madrid's Avenida de la Hispanidad comprising 91 residential units for a total purchase price of €16 mln.
Hispania was listed on the Madrid stock exchange in March 2014 and has since raised more than €861 mln to invest in real estate.
