Meeting Point, a hotel chain with a strong presence in the Canary Islands, has grown with complexes such as those rented by Acosta Matos or others with a smaller structure such as the Molina family in Las Palmas. It is immersed in a complex negotiation with its creditors to refinance a debt of close to 100 million euros and which may not only have property suppliers but also small industrial companies trapped. The company, which entered a spiral of self-destruction since it decided to leave the south of Gran Canaria in favour of Las Palmas, which has requested help from the SEPI, is seeking to restructure its liabilities and find a new capital structure that will allow it to face the crisis. The bankruptcy of its German parent company, FTI, has worsened the financial situation of the group.
SEPI, a public entity dependent on the Ministry of Finance, is at the centre of this negotiation, as Meeting Point requested a rescue of 66 million euros through the FASEE fund. However, the company's initial good performance has led SEPI to renegotiate the repayment terms with other beneficiaries of these funds. The Canarian company has chosen FTI Consulting as its advisor, while banks such as BBVA, Santander and CaixaBank are among its main creditors. Acosta Matos has rented the BEX in Las Palmas and its Labranda Marrieta property to Meeting Point.
The situation at Meeting Point has a significant impact on the Canary Islands hotel sector, where the company operates 26 hotels. Meeting Point's hotel division has proven to be stable, and the company expects a positive winter season. However, the need to refinance the debt and find a long-term solution puts the future of thousands of direct and indirect jobs in the Canary Islands at stake. Both Meeting Point and its German parent company are seeking long-term solutions to ensure the viability of the hotel business in Spain. FTI's bankruptcy administrator has indicated that work is underway to find a structure that will allow the Spanish hotel business to continue operating in a sustainable manner. In addition, approaches have been received from interested parties interested in acquiring some of the company's hotel assets.
The future of Meeting Point will largely depend on the success of negotiations with creditors and the company's ability to adapt to new market conditions. The situation of this hotel chain highlights the challenges facing the tourism sector in a context marked by the health crisis and economic uncertainty. The resolution of this case will serve as a reference for other companies in the sector that find themselves in similar situations.
