Blackstone, the powerful private equity firm that owns most of the hotel offering in the south of Gran Canaria, is expected to begin selling its assets in Maspalomas and Playa del Inglés before 2026 due to the need for income. This year, Blackstone sold the Parque San Antonio hotel in Puerto de la Cruz (Tenerife) to Tenerife Assets Company.
This week, Blackstone agreed to sell Motel 6, an iconic American budget hotel chain, to Oyo, an Indian hotel operator, for $525 million in cash. In the case of Tenerife, in 2024, investors around Acosta Matos have agreed to transfer the management of the hotel purchased from Blackstone, Parque San Antonio, to Canarian Hospitality, which is incorporating its third establishment on the island of Tenerife, where Mynd Adeje and Sholeo Lodges Los Gigantes also operate.
HIP is the leading investor in holiday hotels in Spain with a portfolio of 65 mainly 4 and 5 star hotels and more than 19.019 rooms located in the country's main tourist destinations. HIP's business model is based on the transformation and updating of assets to provide a differentiated service to its customers. In the south of Gran Canaria, the hotels are operated by well-known brands such as Lopesan, Barceló or AC Marriott, through management contracts. The accommodations are mainly located on the seafront and in prime locations in their reference destinations. The company, founded in 2015 under the umbrella of Banco Sabadell, was acquired in 2017 by Blackstone Group. A year later, the group bought Hispania, giving rise to the current HIP. It has a team of professionals from the Canary Islands, with experience in hotel investment and operations.
