• Transaction / Assets
    62,000 m2 of land (Tenerife)
  • Seller
  • Buyer
    Spring Hotels
  • € MM
    85

Spring Hotels Buys 62,000 m2 of Land in Tenerife for €85M

10 January 2018 – Eje Prime

The Spring Group now owns four hotels in Tenerife. The Canarian company, based in the tourist town of Arona, has invested €85 million in the purchase of 62,000 m2 of land its home municipality, where it is going to build a 525-room hotel.

The establishment will be located in the El Mojón area, in Los Cristianos, and will allow the chain to increase its offer on the island, where it already owns three other assets: Arona Grand Hotel, Vulcano and Bitácora.

The island group hopes to obtain the construction licence within the next few months in order to start work on the construction of the hotel as soon as possible. This new land purchase forms part of the investment plan that the company has underway. It has already spent €30 million on the complete renovation of its other establishments.

Original story: Eje Prime

Translation: Carmel Drake

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