Hispania acquires four hotels in Canary islands through debt acquisition
- Dunas Hotels & Resort
Hispania, the Spanish REIT, has acquired four hotels in the Canary islands through the acquisition of the debt associated to them.
Hispania, participated by George Soros, will invest €75 million to acquire the four assets from Spain's Dunas Hotels & Resort to complement its portfolio of assets it already owns in the islands. The company currently owns the 484-bed Hotel Barceló Margaritas.
The transaction involved a debt haircut from the financiers.
Dunas Hotels & Resort is currently in a bankruptcy procedure so Hispania will have to wait until an agreement is reached in the procedure.
The four hotels add 1,183 beds and Hispania will invest €9 million to reposition them. The current owners of Dunas Hotels & Resorts will operate the hotels through a variable lease contract with a duration of 10 years.
According to Hispania, the four hotels had a great year 2015 in terms of financial results.