Hispania To Purchase 4 Dunas Hotels In Canary Islands For €75M

12 April 2016 – Expansión

The Socimi in which George Soros holds a stake has taken over the mortgage debt of the company that owns the hotels, which it has purchased from several financial institutions at a discount.

Hispania will invest €75 million on the purchase of four hotels on the island of Gran Canaria from the company Dunas Hotels & Resort, in order to strengthen the portfolio of assets of this type that it already owns in the Canary Islands, according to a statement made by the company. (…)

Dunas Hotels & Resort has filed for bankruptcy and so Hispania must wait until the creditors of the company have approved the agreement to exit the bankruptcy process and the company can be capitalised.

With this operation, Hispania will acquire four 4-star and 3-star hotels, containing 1,183 rooms in total. The Socimi will subsequently make an investment of €9 million to reposition the hotels through improvements.

The current partners of Dunas Hotels & Resorts will continue to operate the hotels through a variable lease contract for an initial term of ten years.

According to Hispania, the four hotels recorded an “exceptional” year in 2015, which is expected to continue in 2016.

With this investment, the Socimi will complement and reinforce the portfolio of holiday assets that it owns in the Canary Islands and will strengthen its presence on the island of Gran Canaria, where it already owns the 484-room Hotel Barceló Margaritas.

House purchases in Madrid

Meanwhile, Hispania has acquired a complex of 91 homes in Madrid, located in the north east of the capital, for €16 million.

Specifically, the asset comprises ninety-one 1-bed and 2-bed homes, which have a combined surface area of 6,296 m2 and 146 parking spaces.

Original story: Expansión

Translation: Carmel Drake