This is the largest block sale of beds since the southern Gran Canaria destination was created by the Count of Vega Grande, Alejandro del Castillo, with the political backing of the mayor Francisco Araña del Toro. The American real estate giant Blackstone has announced its intention to divest from its hotel division in Spain, HIP, i.e. the largest owner of hotel rooms in the south of Gran Canaria. This decision marks the end of an era of investment in the Spanish tourism sector, especially in the south of Gran Canaria, where the company has significantly renovated and expanded its hotel portfolio. In San Bartolomé de Tirajana there are almost two tourist beds per registered inhabitant.
Blackstone's exit from the Spanish market represents a unique opportunity for new investors interested in acquiring a portfolio of 71 hotels valued at 6.500 billion euros. Among HIP's most notable assets in Gran Canaria are the Abora complexes (formerly Lopesan's IFA Hotels), Barceló Margaritas and Dunas, which together have more than 3.374 rooms. The list of the main hotel owners in Gran Canaria is headed by the Blackstone group's HIP Hotel Investment Partners fund, with 7.273 beds (3.374 rooms) for sale and 10 complexes. It is followed by RIU Hotels, with 8 complexes and 6.403 beds, and the Lopesan Group in third place, with 5 establishments and 6.324 beds.
The hotels that will change ownership are: Dunas Maspalomas Resort + Suites & Villas: 511 rooms; Abora Catarina: 410 rooms; Abora Continental: 404 rooms; Abora Interclub: 395 rooms; Barceló Margaritas: 491 rooms; Corallium Beach: 210 rooms; Corallium Dunamar: 273 rooms; Dunas Don Gregory: 243 rooms and Dunas Mirador Maspalomas: 437 rooms.
Blackstone's decision comes after eight years of investment and a renovation programme valued at 750 million euros. Although the specific reasons for this divestment have not been revealed, the operation could reconfigure the tourist landscape in the south of Gran Canaria and generate significant movement in the Spanish hotel market. In the Canary Islands before Covid19, tourist activity for the Canary Islands represented 35,2% of GDP and an employment rate of 40,3%, with almost 327.000 people employed in the sector on the islands. In addition, the occupation of the territory by tourism in Gran Canaria is only 1,77% of the land.
