18 July 2016 – Expansión
HI Partners have completed a new operation in the hotel investment market. The subsidiary of Banco Sabadell has just acquired a four-star, 402-room hotel on Playa del Inglés, on the island of Gran Canaria for €42.4 million. Until now, the property, known as the IFA Catarina, which overlooks the Dunas de Maspalomas, belonged to the IFA Hotel & Touristik Group, which is listed on the Frankfurt stock exchange. That company is controlled by the Spanish hotel group Lopesan (52% stake), with whom HI Partners has signed a “sale and management back” contract, which means that it will continue operating the hotel after the sale.
The aim of HI Partners is to invest €7 million in IFA Catarina to refurbish its rooms and improve the hotel’s facilities, which will include areas dedicated exclusively to adult customers only.
This is the first operation that HI Partners has completed in the Canary Islands. This year, the hotel investment and management company has also purchased Hotel Terramar de Sitges (Barcelona) and its portfolio now contain 25 properties. In March, it joined forces with the US fund Starwood Capital to invest €500 million in the purchase of vacation hotels, although this operation falls outside of that agreement.
Original story: Expansión (by Sergi Sabori)
Translation: Carmel Drake