Jacamar and Tenesur, owners of GEMA Hotels, have sold their hotel portfolio to Blantyre Capital for an undisclosed sum.
The GEMA Hotels portfolio consists of four three-star and four-star resorts located in Tenerife, making up a total of 1,224 rooms distributed between the municipalities of San Miguel de Abona and Puerto de la Cruz.
The London-based investment fund, Blantyre Capital, will make its debut in the Spanish market with the acquisition of the portfolio. The hotels will undergo a full repositioning, which will include a €20M renovation, and will be managed byAM Resorts under the brand Alua.
Jorge Ruiz, head of hotels, Spain and Portugal at CBRE, which advised on the deal, said: “This transaction confirms the appetite from international investors for the Spanish hotel market and Islands, in particular, despite the uncertainty generated by the pandemic.”
Miguel Casas, head of hotel investment properties, Continental Europe at CBRE said: “Unexpected shifts in the market have allowed for new investors to come in, which is positive for the sector. We anticipate that the leisure market will recover sooner than other segments of the hotel sector and this sale supports that.”