18 April 2018 – Bolsa Mania
Ifa Hotels and Toruistik, whose main shareholder is the Lopesan Group, today closed the sale of the company that owns the Hotel IFA InterClub Atlantic, located in Gran Canaria, to HI Partners for €62.8 million, according to the hotel company.
The Canarian hotel group received cash proceeds amounting to €43.8 million for the operation; the remaining balance of €19 million has been allocated to settle the payment obligations that Ifa Canarias held with the owner company and to purchase minority interests in the subsidiaries, which remain in the company.
With this transaction, Lopesan is going to continue managing the establishment under the umbrella of its new brand “Abora by Lopesan Hotels”. The hotel, located in San Agustín (Gran Canaria) has 420 rooms and registered an average occupancy of 90% in 2017.
HI Partners is going to carry out a comprehensive renovation of the Canary Island hotel to convert it into a flagship resort in the south of Gran Canaria.
The operation follows another one carried out in June 2017 when the firm sold three of its hotels in Spain to the same fund for €104.4 million, and it is the third financial operation in which HI Partners has acquired and entrusted the management of its assets to the Lopesan Group under this brand.
Ifa, a hotel division, which is listed on the German stock market, and in which Lopesan is the majority shareholder, will strengthen the partnership with HI Partners and provide it with own resources to replace its hotel stock with new self-built accommodation products.
In this line, the group is developing a business plan in the Dominican Republic, where it plans to open a 1,000-room hotel next year in Playa Bávaro, in the Punta Cana area, and plans are afoot for the future construction of a second 5-star establishment (with 1,400 rooms).
Original story: Bolsa Mania
Translation: Carmel Drake