Canadian Foundation Completes Purchase of Mare Nostrum Resort in Tenerife

Canadian Foundation Completes Purchase of Mare Nostrum Resort in Tenerife

After almost a year of stagnation in the tourism sector on the islands and in Spain in general, investment funds are studying the market and making very tempting offers to businessmen. There are more than 1,200 hotels for sale throughout Spain, more than a hundred are in the archipelago.

The latest high-profile deal is the sale of the famous Mare Nostrum resort in Tenerife. According to EjePrime, Canada's Brookfield is completing the purchase of Selenta hotel chain, owned by the Mestre family, for 430 million euros. According to the newspaper, the idea is for the transaction to be completed by the 31st of this month, and the deal includes Sofia and Expo Hotel in Barcelona, ​​Don Carlos in Marbella and the Mare Nostrum complex in Tenerife, which includes Mediterranean Palace, Cleopatra Palace and Sir Anthony. All establishments sold have over 2,200 rooms.

The agreement is keeping “Selenta” group in the leadership. EjePrime reports that the pandemic caught Selenta just as it was completing the reform of its two most iconic establishments, Sofia and Nobu Torre Catalunya, both in Barcelona, ​​which have pulled in a € 200 million debt. Zero tourism did not allow this amount to be returned.

At the end of last year, Selenta already got rid of Nobu hotel, which was bought for 80 million euros by ASG Homes, an American foundation. Selenta is now selling the rest of the portfolio, with the exception of Expo Hotel in Valencia.

According to the newspaper, sources in the sector praised the operation because, in their opinion, “it allows some of the iconic and reference establishments of the Spanish tourism sector to remain in control and their stamp”. It should be noted that in the case of Mare Nostrum, there is the Pyramid of Arona space where you can enjoy a show created by choreographer Carmen Mota or the famous Hard Rock Café restaurant.

Brookfield is a Canadian investment fund with over $ 600,000 million in financial assets of various types. Its investments in Spain are significant and are in various sectors: infrastructure, energy and real estate.

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