• Transaction / Assets
  • Seller
  • Buyer
  • € MM

Hispania Acquires the Meliá Jardines Del Teide Hotel in Tenerife (Canary Islands) For an Amount of 36.7 Million Euros

15/09/2014 – Press Release by Hispania Activos Inmobiliarios

Hispania Activos Inmobiliarios, S.A. (Hispania), through its subsidiary Hispania Real SOCIMI, S.A.U., has acquired the Meliá Jardines del Teide hotel for an amount of 36.7 million Euro, fully disbursed with Hispania’s own funds.

Meliá Jardines del Teide is a 4* hotel with 300 keys located in Costa Adeje, the most exclusive area in the South of Tenerife, in the Canary Islands. The hotel, which has more than 12,000 sq m of gardens with local species and terraces, is located in the surroundings of Playa del Duque beach and offers plenty of complimentary services, such as 3 swimming pools with solarium, bars and restaurants, 3 conference rooms with capacity for up to 450 people, discos and squash courts.

The hotel is currently operated under a rental contract and is managed by the hotel group Meliá. Hispania’s strategy for this asset contemplates an investment plan for its repositioning within Costa Adeje. Once this capex investment takes place, Meliá will remain as the hotel’s operator.

 “The Canary Islands and, more specifically, the South of Tenerife, is one of the most relevant touristic destinations in Europe and it enjoys a relatively stable affluence of tourists all year round. The acquisition of a high quality asset such as the Meliá Jardines del Teide hotel fits perfectly within our strategy of investment in consolidated holiday destinations and it offers a repositioning potential which we expect to materialize with our business plan”, asserts Concha Osácar, Board Member of Hispania.

With this deal, Hispania has already invested 347 million Euro, 65.2% of the net proceeds raised in its IPO last March 14th, building a portfolio which includes a Gross Leasable Area of 91,218 sqm of offices in Madrid and Barcelona, 412 dwellings213 in Barcelona and 199 in Madrid-and 4 hotels totalling 639 keys, one in Marbella, two in Madrid region and this last one in Tenerife.

 

Article published by the courtesy of: Hispania Activos Inmobiliarios

75