Located at number 8 Avenida de Bruselas in Santa Cruz de Tenerife, the 4 star Isla Bonita hotel represents a 52 million 628 thousand euro investment. It has 439 rooms, although Atom’s contract only includes the purchase of 386 rooms, since the remaining rooms belong to third parties, according to the release the company sent to Mercado Alternativo Bursátil (MAB).
The Riviera Marina hotel represents a lower investment: 15 million 92 thousand euro. The 4 star hotel is located at number 4 Avenida Playa del Cura in the island of Las Palmas and it has 125 rooms.
«The company has already paid 5 million euro for the assets and has committed to paying the remaining amount (in total 62 million 721 thousand euro) no later than the 16th of December 2019», it can be read in the same release.
This process for obtaining funds had already been approved during the general shareholders meeting which took place in April, but it was only now greenlighted by the board. According to the document, more than 7 million 451 ordinary shares at 1 euro each will be issued with a share premium of 9.70 euro per share, which will make the final price of each share 10.7 euro.
Along with this acquisition, Atom Hotels also reached an agreement with Meeting Point Hotel Managements (which is part of Grupo FTI), the company which should be in charge of managing and repositioning both hotels by investing 25.6 million euro on the Isla Bonita hotel and 6 million euro on the Riviera Marina hotel. The company will be managing these hotels under the brand Labranda Hotels & Resorts over the next 12 years.