19 June 2015 – Hispania Press Release
Hispania Activos Inmobiliarios, S.A., through its 100% subsidiary company Hispania Real SOCIMI, S.A.U., has acquired the Gran Hotel Atlantis Bahía Real (pictured above) and the Suite Hotel Atlantis Fuerteventura Resort, both located in the Canary Islands. The Gran Hotel Atlantis Bahía Real is a 5* GL hotel and is the landmark hotel in Fuerteventura. It falls into the category of trophy assets within Hispania’s portfolio, along with the Hotel Guadalmina Golf in Marbella.
These two acquisitions provide new flow to Hispania’s investment in vacation hotels, which is being developed along with Grupo Barceló, and it strengthens its presence in the Canary Islands, a key market in the company’s resort hotel strategy.
The €105 million price implies a 10.5x multiple of GOP during the last twelve months to March 2015. Based on the results as of March 2015, the Gross Yield of this investment stands at 8.5%, whilst the Net Yield is 8.0%. The amount paid for both hotels has been fully disbursed using Hispania’s own funds.
Grupo Atlantis will continue as the operator of both hotels, which are very well maintained, under a rental contract with a variable component that includes a minimum guaranteed fixed rent. The agreements reached with Grupo Atlantis include diverse incentive schemes linked to the results obtained by the operator as a result of the management of the hotels.
Gran Hotel Atlantis Bahía Real
The Gran Hotel Atlantis Bahía Real is a 5* GL hotel with 242 room –inaugurated in 2003. It provides direct access to the beach and is located just a few minutes away from the Natural Park of Las Dunas de Corralejo, which was recently named one of the best beaches in Spain. This is the landmark hotel in Fuerteventura and one of the most prominent ones within the 5* GL category in the Canary Islands as a whole.
Suite Hotel Atlantis Fuerteventura Resort
The Suite Hotel Atlantis Fuerteventura Resort is a 4* hotel with 383 room, also located in the North of Fuerteventura Island, in Corralejo. It has 3 restaurants, 7 bars, a spa, 7 outdoor swimming pools, 3 tennis courts and garden areas, all of which is distributed across a surface area of approximately 50,400 square metres.
Original story: Hispania Press Release
Edited by: Carmel Drake