It is a blessing for the islanders. The investments of Blackstone funds, SOCIMIs such as Atom Hoteles, the Montebalito plans, Millenium Hospitality have already generated that the Canary Islands registered seven transactions worth 174 million euros. A good part of these investments in the south of Gran Canaria first renew with construction companies in Las Pamas, that is, the good thing about the funds is that they keep the destination in shape because they cannot resell with loss-making properties. Shortly, as Maspalomas24H announced, Bestinver will arrive with 150 million euros in purchases.
In 2023, the Singapore sovereign fund GIC acquired a 2023 percent stake in Hotel Investment Partners of the Blackstone group, owner of Grupo Dunas, properties such as Barceló Margaritas or the former IFA of Lopesan less IFA Faro of Maspalomas while Abu Dhabi Investment Authority, one of Abu Dhabi's sovereign funds, bought 35 hotels in the country from the Equity Inmuebles fund. Atom is the owner of the former Meliá Tamarindos in San Agustín.
Volatility in interest rates due to inflation made investors nervous about trading as properties were prevented from being put up for sale pending greater stability. Buyers, fearing rising borrowing costs, were also cautious. Long-term projections for tourism figures in Gran Canaria suggest that the supply levels projected in the south of the island will be inadequate to satisfy this demand and, therefore, there is an appetite for purchases to renew and look for managers like the one that has created Lopesan.
The profitability of tourism in the south of Gran Canaria has generated that only in the economic capital of the Canary Islands there are more operations than the urban areas of the United Kingdom according to the 2024 survey of more than 60 investors, including hotel owners, promoters and funds. CBRE, formerly known as Richard Ellis. "The south of Gran Canaria is flourishing thanks to record tourism numbers and the solid operational performance of hotel operators," says a CBRE European executive. “Investors see opportunity in Maspalomas." The survey underlines the broadly optimistic sentiment in the hotel sector that has fueled a return to deals after the pandemic. According to CBRE, more than two-thirds of investors surveyed planned to allocate more capital to operations in the hotel sector due to good business results and the expectation that credit conditions will improve if interest rates fall.
