Hispania acquires mortgage debt of Dunas Hotels & Resort

Hispania has completed the acquisition at a discount of the mortgage debts of Dunas Hotels & Resort, to various financial entities, as part of its plan to acquire a total of 1,183 keys distributed in four hotels.

The hotels, which are all located on the island of Gran Canaria, are: Dunas Don Gregory (4*), Dunas Suites & Villas (4*), Dunas Maspalomas (4*) and Dunas Mirador (3*). 

After this milestone, the approval of the judicial creditors convention is pending, which will allow the recapitalisation of the company and the conclusion of its liquidation process.

The total investment of Hispania for the acquisition of the hotels will amount to approximately 75 million euros (including the acquisition of the debt), which represents a total of 62.500 euro per key. Additionally Hispania contemplates a refurbishment of the assets of more than EUR9 million.

The current shareholders of Dunas Hotels & Resorts will remain as operators of the hotels through a variable lease contract, which will include a minimum fixed component, and with an initial period of 10 years.

The hotels had an exceptional performance during 2015, exceeding Hispania’s forecasts, and 2016 is expected to continue with this positive performance.

This transaction complements Hispania’s vacational portfolio in the Canary Islands, increasing its presence in the Island of Gran Canaria, where Hispania already owns the Hotel Barceló Margaritas (484 Keys).

Additionally this past month Hispania has acquired a residential complex located in the north of Madrid, in Avenida de la Hispanidad, 3. The asset includes 91 residential units of one and two bedrooms, distributed throughout 6,296 sq m plus 146 parking spaces. Total acquisition price has amounted to EUR16 million.


Source: PropertyFundsWorld