Stoneweg Hospitality the hotel investment arm of global real estate company Stoneweg, has acquired two hotels in Spain from Globalia Business Corporation, the Spanish tourism group, for €83 million.
The investments have been made through a variety of Stoneweg’s discretionary funds and increase the company’s hospitality exposure by 25 per cent, from 1,281 to 1,691 keys, as well as its weighting to the Balearic and Canary Islands to 62 per cent, a region where record visitor numbers are forecasted in 2023.
La Niña is a 226-room, four-star hotel located in Costa Adeje, Tenerife, 200 metres from Playa Fañabé and Playa de la Pinta. Palace de Muro is a 184-room, five-star hotel in Muro, Mallorca, and is situated directly on Playa de Muro. Both hotels feature multiple restaurants, bars and pools, a spa and gym, as well as meetings, incentives, conferences and events (MICE) facilities.
Following the 2023 summer season, Stoneweg will undertake an extensive capex programme to refurbish and reposition the hotels.
Stoneweg Hospitality, which was established in 2021, currently owns a portfolio of seven prime hotels across Spain, which have been, or are in the process of being, repositioned through managerial turnarounds, capex programmes and reflagging strategies.
The Spanish hospitality sector continues to recover strongly from the Covid-19 pandemic and this year it is predicted that the country will welcome a record 85 million foreign visitors, surpassing the previous highest of 83 million set in 2019[1]. This is an increase of 17% on 2022 when 71 million foreign travellers visited Spain.
What they said
Miguel Casas, managing director of Stoneweg Hospitality, said: “This was a rare opportunity to establish a footprint in two of Spain’s top performing hospitality destinations, a market where the tourism sector has enjoyed an unprecedented post-Covid rebound, and add two assets that complement our existing high-quality portfolio.
“While already offering strong fundamentals in their own right, in line with our existing strategy, our highly experienced team will upgrade and reposition the assets in order to generate additional returns through the creation of differentiated products from a concept and branding perspective.”