LABRANDA Hotel Isla Bonita, and the LABRANDA Hotel Rivera Marina.
Acquisition of the hotels LABRANDA Hotel Isla Bonita and LABRANDA Hotel Rivera Marina.
MADRID – Atom Hotels has confirmed another new acquisition of two hotels owned by Meeting Point Hotelmanagement: LABRANDA Hotel Isla Bonita, located on the Adeje Coast, Santa Cruz de Tenerife, a four-star hotel with a total of 384 rooms and the LABRANDA Hotel Rivera Marina, located on the “Playa del Cura”, Las Palmas on Gran Canarias, a four stars hotel offering 125 rooms. The acquisition has been concluded at 67,4 million euros. This “Sale and Lease-Back” transaction, in which the hotels are simultaneously sold and leased with a long-term contract and triple net, enables the group to remain as an operator and lessee under the brand LABRANDA Hotels & Resorts.
Over the past few months, GMA, Atom Hotels’ asset manager, has worked on the concept of the design of these hotels alongside Meeting Point. Several interior design and refurbishment companies are currently being considered, scheduled to start in the first quarter of 2020. The renovation works of both hotels will amount to 32 million euros, which will be carried out by the operator, while supervised by GMA. These reforms will improve the hotels’ market position, offer better infrastructure and service quality. The Adeje coast in Tenerife offers a range of excellent quality hotels and represents an important tourist hub, both national and international. It also offers a wide range of leisure, nature, relaxation and sport (well renowned for its golf course).
The municipality of Mogan, where Playa del Cura is located, is one of the most important tourist destination on the island and shows great dynamism.
With this operation, Atom Hotels continues to expand its asset portfolio, currently reaching a total of 26 hotels and resorts, representing a total of 6,316 rooms and a total asset value of over 656 million euros.
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