Covivio, through its 52.5%-owned subsidiary Covivio Hotels, acquired from a controlled affiliate of Starwood Capital a 429-room, 4-star hotel in the Canary Islands. This transaction, signed for €81m, is fully in line with the Group's strategy of expanding in the hotel sector, particularly in Southern Europe.
The property features 429 rooms, a restaurant, 3 bars, 3 swimming pools, a gym, squash and volleyball courts, as well as 2 meeting rooms for up to 140 people. Built in 1985 and refurbished in 2021, it boasts solid environmental credentials, with a carbon footprint of 18.9kg eqCO2/m²/year in 2023, in line with CRREM1 targets.
The hotel is let to Iberostar on a firm triple-net lease until 2041. 5th hotel operator in Spain and owned by the Spanish Fluxa family for 60 years, Iberostar operates 110 hotels in over 35 countries.
Image source - Covivio.
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