Investment funds are the ones truly and gradually changing the face of southern Gran Canaria, given the stagnant potential of the future, especially in areas that have been waiting for years to be renovated, such as Loro Parque's Siam Park, which has been stalled since 2012. The tourism sector in southern Gran Canaria underwent a silent, rigorous test this summer, which Portobello Capital, the majority owner of BlueSea Hotels with 93,5% of the capital, passed with flying colors. After the complex legal and business storm triggered by the bankruptcy of the German giant FTI Group in 2024 and the subsequent battle to rescue Meeting Point's assets, the private equity fund faced its first summer rehearsal at the helm of its new acquisitions in the archipelago. The epicenter of this trial by fire has materialized in the Hotel Veril Playa, the three-star, 77-room aparthotel located just 25 meters from the sea in Maspalomas, whose integration was announced last spring as the ninth property of the chain on the island.
Portobello's CEO, Ignacio Sánchez Asiaín, knows the Gran Canaria destination very well, especially from the Ibersuizas era when his interests coincided with those of the Del Castillo family, who owned capital in the south of the island around 2004. He also knows Iberconsa, the Vigo-based fishing company with a long history of operations in Las Palmas.
BlueSea's arrival in this strategic location in southern Gran Canaria was not a whim, but rather the meticulous execution of an expansion plan driven by the continuation fund established by Portobello in November 2024. This extraordinary fund, designed to inject capital expenditures and accelerate acquisitions, allowed the Balearic chain to assume the debt of its restructuring plan, settle outstanding commitments with SEPI (the Spanish State Holding Company) and creditor banks—guarantees exceeding €80 million in financing and the pandemic bailout—and receive judicial approval from the Commercial Court No. 3 of Las Palmas and the CNMC (National Markets and Competition Commission). With the acquisition of the former Meeting Point hotels in the Canary Islands, BlueSea boosted its national structure to over 9.100 operational rooms (specifically 9.128 beds).
However, the real challenge lay not only in the notary offices or the financial engineering of the acquisition, but also in the asset's operational performance during the peak months of the year. This summer, marked by the strong presence of local and mainland visitors who throng the San Bartolomé de Tirajana coastline, the Hotel Veril Playa became the perfect barometer for measuring the brand's adaptability. Operating under a lease agreement and combining its half-board and bed & breakfast offerings with swimming pools and à la carte restaurants, the establishment has had to contend with the demands of a highly competitive domestic market and a generally high occupancy rate in Gran Canaria—reaching nearly 80% and 83% during the summer and autumn periods, respectively.
Successfully passing this first summer test under the management of Portobello Capital consolidates BlueSea's strategy in the 3- and 4-star holiday segment in the Canary Islands. It demonstrates that the operational transition of the resorts rescued from the FTI debacle has not only been seamless for guests, but has also been smoothly integrated into the tourism engine of southern Gran Canaria. With Veril Playa operating at full capacity and absorbing the high influx of guests during the summer season, the investment fund confirms that its commitment to the archipelago was a strategic success and that BlueSea's operations are now running at full speed in the islands.
