Spanish REIT Hispania, which focuses on offices, hotels and residential investments across Spain, has purchased four hotel in the Canary Islands for a total of €92 mln.
The purchase price includes the expected refurbishment of the hotels, which are all branded and operated as Dunas Hotels & Resorts.
Located in Maspalomas, in the southern part of Gran Canaria, the properties comprise 1,183 keys and include the Hotel Dunas Don Gregory (4* - 241 keys), the Hotel Dunas Suites & Villas (4* - 301 keys), the Hotel Dunas Maspalomas (4* - 205 keys) and the Hotel Dunas Mirador (3* - 436 keys).
Hispania said that the acquisition complemented its current portfolio in the Canaries, bringing its total hotel portfolio in Spain to 10,407 keys across 37 properties, making it the largest non-operator hotel owner in the country.
As part of the transaction, Hispania acquired the mortgage debt of Dunas Hotels & Resorts. The current shareholders of Dunas Hotels & Resorts will remain as operators of the hotels through a variable lease contract, which will include a minimum fixed guaranteed component, and with an initial period of ten years.
According to the REIT, the hotels had an exceptional performance during 2015, which has continued throughout 2016 with a double-digit increase in the hotels’ profit versus the previous year.
