Southern Gran Canaria is taking a decisive step towards modernizing its accommodation sector with the launch of an ambitious sustainable renovation project that will completely transform the former Park & Sporthotel Helga Masthoff. Located in the municipality of San Bartolomé de Tirajana and closed and disused for over two decades, this iconic establishment, founded in 1978 by the legendary German tennis player, will regain its original splendor thanks to a total investment of €23,5 million. The project is being driven by Hafraro—part of the Canarian family-owned Grupo Roso—in partnership with the private equity firm Buenavista Equity Partners through its Buenavista NextGen Urbano fund.
Financial intermediation and corporate advisory services for the transaction were provided by Mallorca Capital, led by Antonio Reus, while legal counsel was handled by the law firm Ramon Hermosilla Abogados. With this project, southern Gran Canaria is revitalizing an outdated hotel property, transforming it into an international benchmark for sports, nature, and wellness tourism, and reinforcing the commitment of local and European investors to the urban and economic regeneration of the islands.
The comprehensive project is being carried out through the joint venture Proyecto Chamoriscán SL, majority-owned by the island-based development partner (Roso). The plan envisions transforming the complex into an exclusive luxury boutique wellness hotel situated in a protected natural setting covering over 33.000 square meters. The architectural design includes the complete renovation of 49 rooms and the construction of five new independent villas, bringing the total capacity to 54 high-end accommodation units. The complex will also feature modern spa facilities, wellness areas, restaurants, and leisure areas geared towards environmentally responsible tourism.
The financing structure of the operation combines European institutional resources, private capital, and national banking. On the one hand, Buenavista NextGen Urbano is contributing €8,5 million from the European NextGenerationEU funds, channeled through the Regional Resilience Fund managed within the framework of the Recovery, Transformation and Resilience Plan. On the other hand, the financing is complemented by a senior loan granted by CBNK Banco, a leading financial institution in the sector. Furthermore, the marketing and operational management of the establishment will be handled by the prestigious firm IT Hotels Unique Spaces, marking its official entry into the Canary Islands with this project, adhering to the standards of exclusivity and sustainability that characterize its five-star brands.
From an environmental perspective, the project, validated under Component 14 of the state plan, strictly adheres to the principle of not causing significant harm (DNSH). The certifications obtained guarantee that the intervention will achieve maximum contribution to climate change mitigation, demonstrating energy savings of over 30% in non-renewable primary energy. This ecological approach reinforces the transition of the tourism model in southern Gran Canaria towards value-added, less seasonal, and less impactful tourism offerings.
