• Transaction / Assets
  • Seller
  • Buyer
  • € MM

Hispania Buys Hotel Oasis Resort In Lanzarote For €28M

22 July 2016 – Expansión

The Socimi Hispania, through its subsidiary Bay Hotels & Leisure, has acquired 100% of the company Inversiones Inmobiliarias Oasis Resort, owner of the Hotel Oasis Resort located in Costa Teguise (Lanzarote), from CaixaBank and Metrópolis for €28 million.

After this operation, the Barceló Group will operate the hotel under a lease contract, which forms part of the framework agreement that governs all of the hotels operated by the group.

The 4-star property has 372 rooms and is located right on the beachfront, opposite Hotel Barceló Lanzarote.

As part of its investment strategy, the group is considering integrating this asset with Hotel Barceló Lanzarote, with the aim of creating a mega resort with almost 800 rooms on the beachfront.

Although the hotel was refurbished recently, an investment of €4 million is planned to bring it up to Barceló’s standards.

Following this acquisition, Hispania now owns 35 hotels, primarily in the vacation segment, and so has more than 10,400 rooms, making it the largest (non-operator) hotel owner in Spain.

According to Hispania’s CEO, Concha Osácar, the Canary Islands is a key market for the company, given its stable occupancy rates throughout the year and its high degree of exposure to European tourists.

On 18 July, Hispania acquired 100% of the shares in the company Later Deruser, owner of the Hotel Paradise Portinatx in Ibiza (Balearic Islands) for €11 million, which will also be operated by Barceló.

Original story: Expansión

Translation: Carmel Drake

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