Blackstone's withdrawal and Calena Partners' arrival in the hotel sector of southern Gran Canaria
El hotel market in the south of Gran Canaria has experienced significant corporate activity this summer, with the entry of the fund Calena PartnersBacked by a syndicate of Spanish family offices, this operation represents a significant reconfiguration in the ownership of iconic beachfront hotels, particularly in the area of San Agustín, near the central core of Maspalomas.
Changes in hotel ownership: Calena Partners takes control
Company Calena Partners, Founded by Felipe Klein, has acquired control of the hotel Corallium Beach by Lopesan HotelsStrategically located on the coast of San Agustín, this acquisition was made through a club deal, allowing for the joint and coordinated entry of domestic private capital. The investment vehicle has not only entered the Canary Islands holiday market but has also added strategic assets in the Balearic Islands, reaching a total of approximately 900 operational rooms among the different establishments acquired.
The hotels included in this operation include:
- El Corallium Beach by Lopesan Hotels (Gran Canaria), with 210 rooms.
- El Barceló Ponent Beach (Mallorca), four-star complex with more than 400 rooms.
- El Fergus Style Tobago (Mallorca), a five-star establishment with 260 rooms.
This global transaction has been closed for an amount close to 200 millones de euros, implying the transfer from the hands of the US giant Blackstone, which managed these assets through its hotel platform Hotel Investment Partners (HIP).
Financial advice and structure in hotel operations
The process has benefited from legal, financial, and strategic advice provided by renowned firms such as Cuatrecasas, Deloitte, and AZ Capital. Calena Partners' strategy seeks to invest exclusively in holiday establishments located in dominant positions within the Spanish tourism market, prioritizing those that have already overcome their critical phases of structural renovation and do not require immediate additional investment.CapexThis ensures recurring cash flows from the moment each purchase is finalized.
Impact on the management and operational continuity of hotels
The acquisition of the hotel Corallium Beach by Lopesan Hotels This will not entail any changes to the daily management of the San Agustín establishment. The new owners have decided to maintain the existing operating contracts, guaranteeing that Lopesan Hotels She will continue to lead the management of the three-star hotel complex. This decision ensures a smooth transition and preserves the quality of service, key to its competitive positioning in the tourism sector of southern Gran Canaria.
Corporate strategy and vision of Calena Partners in the Spanish holiday market
The corporate strategy of Calena Partners It is characterized by its focus on well-positioned holiday assets in established destinations such as Gran Canaria y MallorcaThe fund, managed by Felipe Klein, prioritizes investments in hotels that have already passed their critical phases of structural renovation, eliminating the need for immediate outlays for additional investment and allowing for stable cash flows from the outset.
This investment strengthens the national presence in the face of international investors like Blackstone, marking a significant shift in the hotel real estate cycle in southern Gran Canaria. Analysts highlight that established locations around Maspalomas remain highly attractive to institutional capital due to the resilience of their average room rates and the stability offered by European demand throughout the year, especially during the winter season.
Conclusion: Maturation and growth of the island hotel market
The exit of Blackstone and the entry of domestic private capital through the fund led by Felipe Klein reflect a significant maturation within the Canary Islands' tourism real estate cycle. The transaction underscores the current liquidity of the island's accommodation market, where specialized funds are actively competing to acquire stable assets considered safe havens in the face of volatile macroeconomic scenarios.
This corporate move further strengthens the Spanish hotel sector, consolidating Gran Canaria and the Balearic Islands as preferred destinations for national and international tourism investments.
