Transaction / Assets Seller Buyer € MM
Lopesan Sells 3 Hotels In Canary Islands To HI Partners For €104M
2 June 2017 – Preferente
Lopesan is experiencing one of its most intense moments in its history and proof of that are the recent business operations that the company has undertaken. Specifically, it has purchased a package of more than 12 million shares in the construction company Sacyr (in a surprise move, Lopesan purchased 2.4% of Sacyr for €30 million); in addition, it has sold three of its hotels to the investor group HI Partners for more than €104 million, according to market sources.
The company has sold the following three hotel establishments, although it will continue to manage them: IFA Beach de San Agustín, the IFA Dunamar and the IFA Continental in Playa del Inglés, in Gran Canaria. This sale has already been reported to the German stock exchange.
Although the dates overlap, according to sources close to the Group’s President, the sales operation is not related to the purchase of Sacyr’s shares; “the Group owns lots of hotels that were constructed in the 1970s that need renovating, which means that it will invest the majority of this new capital in refurbishment projects”.
Another major project in which Lopesan is involved is the construction of a tourist complex with more than 1,000 rooms in the Dominican Republic. Specifically, it is working with its German subsidiary, IFA – in which it holds a majority stake – on this project, which forms part of its international expansion strategy and which will be incorporated into its portfolio.
Original story: Preferente
Translation: Carmel Drake