CBRE advises GEMA Hotels on the sale of its hotel portfolio in the Canary Islands, Spain
Global real estate advisor, CBRE, has advised Jacamar and Tenesur, owners of the hotel chain GEMA Hotels, on the sale of their hotel portfolio to Blantyre Capital for an undisclosed sum.
The GEMA Hotels portfolio consists of four 3-star and 4-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 €20 million renovation, and will be managed by the American operator AM Resorts under the brand Alua.
This transaction confirms the appetite from international investors for the Spanish hotel market and Islands, in particular, despite the uncertainty generated by the pandemic.
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.