Blantyre Capital Acquires Three Spanish Resort Hotels in Tenerife

Main Photo: The Gran Hotel Turquesa Playa

Date: December 2020

Location: Tenerife, Canary Islands, Spain

Names: Gran Hotel Turquesa Playa, Aguamarina Golf Resorts and the Diamante Suites, to be rebranded under the Alua brand, to reopen 2021.

No. of Keys: 1,224 in total

Seller: Jacamar and Tenesur, advised by CBRE… the four star properties previously traded under the GEMA Hotels banner.

Buyer: British investor Blantyre Capital has acquired three Spanish resort hotels in Tenerife. A €20m repositioning is planned, with AM Resorts to operate the properties under the Alua brand.

The fund plans to refurbish these assets according to the brand standards of Alua Hotels & Resorts and will re-open their doors to the public during the second quarter of 2021 under the new management. This process should start this year and as a consequence, all the assets should change their names, revealed the Apple Leisure Group in a release to which HostelTur had access.

The 4-star Aguamarina Golf Resorts and Apartments. This unit is located South of Tenerife (Avenida Del Atlantico 11) and offers 306 rooms and 160 apartments spread across 3 buildings. It has 35.000 sqm, and will feature two outdoor swimming pools and one indoor swimming pool, fitness and sports areas, sauna, jacuzzi, four restaurants and two bars, an auditorium and a meeting room. After the refurbishment, the hotel will be called Alua Aguamarina Golf Resorts and Apartments.

The 4 star Gran Hotel Turquesa Playa is another asset recently traded, it is located in Puerto de la Cruz, at number 7 Calle Antonio Ruiz Alvarez. It offers 426 rooms spread across two independent buildings, it will feature outdoor and indoor pools, sauna, a restaurant and three bars and, after the refurbishment, it will also incorporate a Kids Club. Starting on the second half of 2021, the hotel will be called Alua Turquesa Playa Resort.

The third hotel is the Diamante Suites (4 stars) and it is also located in the tourist city of Puerto de la Cruz, in the North of Tenerife Island. This unit offers 202 rooms and will provide an outdoor swimming pool, meeting room, beauty salon and a solid gastronomic offer with three restaurants and two bars. Its future name is Alua Diamante Suites.

Javier Águila, president for Europe and Global Strategy at Apple Leisure Group, said that “we are very happy with this, the first operation with Blantyre Capital: a new demonstration of our capacity to collaborate with prime institutional investors. These incorporations will also allow us to surpass the expansion goals we set at the beginning of a year which has been very demanding for our segment, endorse the extraordinary work carried out by our team, and redouble our bet and commitment towards the Canary Islands”, he added.

Miguel Cebrian, investment manager at Blantyre Capital, declared that “this deal with Apple Leisure Group will allow us to take advantage of the experience and prestige of its brands and know-how of the region and to benefit from their outstanding abilities as a group integrated within the tourism segment. Blantyre will support the managing team so as to offer our clients a new proposition moving forward from the season 2021-2022”, he said.

Javier Coll, Global President for Business Development at the group, commented that “AMResorts [Apple Leisure Group’s management company] was Pioneer in the model Luxury All Included in the Caribbean and is currently positioned as the fastest growing hotel chain in this region. We are certain that the strength of our brands, added to the competitive advantage offered by our business model, will continue to serve as the boosting engine for our global expansion”, he said.

For Blantyre Capital, investments in Spain won’t stop here. The British fund’s investment manager assumed in the same document that “despite Covid-19, we see much long-term value in the tourism segment, especially in Southern Europe and with this transaction we commit to investing on local economies and employees and we will keep doing it, seeking new opportunities in the Canary Islands and the Mediterranean to expand our portfolio.”

THPT Comment: We are sure that AM Resorts will bring a new fresh “look” to these hotels, based on their other resorts hotels…they are major players in the Caribbean.

First Seen: Iberian Property

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