Stoneweg Hospitality, the hotel investment arm of global real estate company Stoneweg, has acquired two hotels for €83 mln from Spanish tourism group Globalia Business Corporation.
The investments, undertaken through a number of Stoneweg's discretionary funds, boost Stoneweg's rooms capacity by 25%, from 1,281 to 1,691, and by 62% in the Balearic and Canary Islands.
The 226-room, four-star hotel La Niña is located in Costa Adeje, Tenerife, 200 metres from Playa Fañabé and Playa de la Pinta.
The 184-room, five-star hotel Palace de Muro in Muro, Mallorca, is situated on Playa de Muro, considered one of the world’s top beaches.
Both hotels feature offer a variety of dining options, bars and swimming pools, in addition to a spa, gym, and meetings, conferences and events facilities.
Both hotels will be refurbished and repositioned through an international flag after the 2023 summer season.
Miguel Casas, managing director of Stoneweg Hospitality, commented: ‘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 Hospitality owns a portfolio of seven prime hotels across Spain, which have been, or are in the process of being, repositioned.
This includes Alua Menorca, Casa Lit Barcelona or Hard Rock Hotel Marbella, which re-opened in March this year following a comprehensive refurbishment of rooms, suites, and new common areas.
