This was a sale and lease-back operation carried out by the asset’s current operator, Grupo Hoteles Playa, S.A.
This is a 4 star unit located at number 1 Calle Rubio y Díaz with 91 rooms. It hosts a spa and a swimming pool.
According to a release from the REIT made available at the Mercado Alternativo Bursátil, the lease contract from Grupo Hoteles Playa extends for 10 years and could reach a maximum duration of 20 years.
The REIT specialised in hotels from Bankinter bought two hotels in the Canary Islands: the Isla Bonita and the Riviera Marina. To finance these purchases, it started a capital increase process worth around 79.7 million euro.
In this case, the acquisition was financed using the company’s own resources. Atom further advances, within the same document, that the possibility of a bank financing through the mortgage of the asset is on the table.