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hospitality Market News: Spanish Real Estate Intelligence

The Lack of a Spanish Government Halts Aena’s Real Estate Ambitions
14 October 2019 The airport operator Aena has yet to get approval to go ahead with construction on two residential developments around Madrid-Barajas and Barcelona-El Prat due to the lack of a political agreement to form a new Spanish government. The firm had hoped to start the works in Madrid and Barcelona this year. However, the plots of land are still untouched. Aena’s project in Madrid will occupy around 200,000 square meters of land in a total investment forecast at €2.997 billion over the next 40 years. Existing plans divide the space into four areas: a logistics hub, airport services, an aeronautical maintenance centre and leisure areas. In Barcelona, ​​the 300,000 square meter area will have a total investment of €1.264 billion. The project will try to attract technology companies and logistics platforms as well as hotels, restaurants and offices to service the airport. Funds that invest in the airport operator have been pushing the government to install an independent CEO, separate from any governmental changes, to facilitate work. Original Story: Economía Digital - Carles Huguet Adaptation/Translation: Richard D. K. Turner
 
FTI Group to Convert Former Stella Canaris into Major Eco-Resort
14 October 2019 The Pájara City Council granted the FTI Group authorisation to start the renovation and conversion of the six hotels that make up the former Stella Canarias complex in ​​Solana Matorral, the Canary Islands. The FTI Group will invest approximately 200 million euros in converting the 4,000-bed complex into an eco-resort while creating some 600 jobs in the process. The needed infusion of capital into the island’s economy and its municipal coffers comes after the area has taken a series of hard hits, including the bankruptcies of Thomas Cook, Air Berlin and Germania Wings. The municipal permits give the FTI Group twelve months to begin the construction though the firm announced that it would already begin in 2020. The FTI Group plans on turning former Stella Canaris, which is located in front of one of the best beaches in Jandía, into a major eco-resort. Original Story: Canarias 7 - Catalina García Adaptation/Translation: Richard D. K. Turner
 
Trinitario Casanova’s Baraka Group to Build Hotel in Valdebebas
14 October 2019 The executive Trinitario Casanova is planning on building a new hotel in Madrid Norte, the capital’s new residential area, between Valdebebas and Operation Chamartín. Casanova’s Baraka Group confirmed that it would develop the new hotel on a 38,000-m2 plot of land its owns near to the Real Madrid sports complex and the access to Madrid-Barajas airport. The project reportedly also includes plans for rental offices on the same site. The area where the hotel will be located is in the 'Valdebebas Fintech District' in the new Madrid Nuevo Norte in the north of Madrid, where 11,400 new homes are already under development. Original Story: La Información - Ana Sánchez Juárez Adaptation/Translation: Richard D. K. Turner