Hispania acquires the Melia Jardines Del Teide Hotel in Tenerife for €36.7 million (ES)

Hispania Activos Inmobiliarios, S.A. (Hispania), through its subsidiary Hispania Real SOCIMI, S.A.U., has acquired the Meliá Jardines del Teide hotel for €36.7 million, fully disbursed with Hispania’s own funds.
Meliá Jardines del Teide is a 4-star hotel with 300 keys located in Costa Adeje, the most exclusive area in the South of Tenerife, in the Canary Islands. The hotel, which has more than 12,000 m² of gardens with local species and terraces, is located in the surroundings of Playa del Duque beach and offers plenty of complimentary services, such as 3 swimming pools with solarium, bars and restaurants, 3 conference rooms with capacity for up to 450 people, discos and squash courts.
The hotel is currently operated under a rental contract and is managed by the hotel group Meliá. Hispania’s strategy for this asset contemplates an investment plan for its repositioning within Costa Adeje. Once this capex investment takes place, Meliá will remain as the hotel’s operator.
“The Canary Islands and, more specifically, the South of Tenerife, is one of the most relevant touristic destinations in Europe and it enjoys a relatively stable affluence of tourists all year round. The acquisition of a high quality asset such as the Meliá Jardines del Teide hotel fits perfectly within our strategy of investment in consolidated holiday destinations and it offers a repositioning potential which we expect to materialize with our business plan”, said Concha Osácar, Hispania Board Member.
Source: Hispania  Activos Immobiliarios