Hispania completes the purchase of four hotels in the Canaries for 92 million euros

Hispania completes the purchase of four hotels in the Canaries for 92 million euros

The hotels are situated in Maspalomas, in the south of Gran Canaria Island, with a total of 1,183 bedrooms.  They include the Hotel Dunas Don Gregory (4* and 241 bedrooms), the Hotel Dunas Suites & Villas (4* and 301 bedrooms), the Hotel Dunas Maspalomas (4* and 205 bedrooms) and the Hotel Dunas Mirador (3* and 437 bedrooms).

The incorporation of these hotels strengthens the vacation portfolio of Hispania on the Canary Islands, increasing their presence on the island of Gran Canaria, the main island of the group where Hispania had the Hotel Barceló Margaritas (4* and 484 bedrooms).

The deal started with the purchase of the mortgage debt of Dunas Hotels & Resorts, announced last year on the 11th April 2016. During 2016, Hispania and Dunas worked on a project to update the hotels at a cost of approximately 15 million euros, including a complete repositioning of the Hotel Dunas Don Gregory.

The Dunas Hotels & Resorts Society will manage the hotels as operator through a renewable rental contract for an initial term of 10 years, which will include a guaranteed minimum and a variable component. The hotels performed well during the 2015 financial year, which continued into 2016, with a rise in profits in double figures compared to the year before.

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