Atom Hoteles Acquires Two Hotels in the Canary Islands for €68 Million

8 October 2019 The socimi Atom Hoteles, which is controlled by Bankinter and Global Myner Advisors Capital Investment, will undergo an €80-million capital increase to finance its acquisition of the 439-room Isla Bonita de Tenerife and the 125-room Riviera Marina de Gran Canaria hotels. The firm agreed to pay 52.6 million euros for the first hotel and 15 million euros for the second, for a total of €67.6 million.

Atom Hoteles also announced that it had reached an agreement with the FTI Group’s Meeting Point Hotel Managements to operate the two 4-star units under its Labranda Hotels & Resorts brand. Either party may opt to extend the 12.5-year lease. Meeting Point will pay 6% of each unit’s revenues in rent, with a minimum guaranteed amount of just over 6% of the acquisition price.

The agreement also stipulates that Meeting Point will invest approximately €25.6 million in the Isla Bonita hotel and approximately six million euros in the Riviera Marina hotel to upgrade and reposition the assets.

Original Story: La Vanguardia / Europa Press

Adaptation/Translation: Richard D. K. Turner