The Portobello Capital-backed Bluesea Hotels chain is consolidating its offensive in the islands after acquiring Meeting Point's Spanish portfolio and placing key properties such as the Marieta Hotel in Playa del Inglés and the BEX Design Plus in Las Palmas on its radar. "Everything is for sale," a source in the tourism finance sector told Maspalomas24H. Bluesea Hotels will launch in the Canary Islands with 28 hotels, more than 10.600 beds, and 1.800 employees spread across Fuerteventura, Gran Canaria, Lanzarote, and Tenerife. Its portfolio also includes the following brands: Design Plus Hotels, Kaibara Hotels & Resorts, Lemon & Soul Hotels, and Labranda Hotels & Resorts.
Over the past six months, bank lenders have relaxed their restrictions, giving hotel investors access to debt at a lower cost than alternative lenders. The CMBS market is recovering at a significant rate, and insurance companies, through private credit markets, are allocating increasing amounts of capital to alternative investments like hotels. Hotel debt markets are currently in better shape than they have been in the past three or four years, with lenders very active. SOFR rates are high, but spreads have narrowed by 150 basis points across the board.
With the return of the big banks and the compression of spreads, the cost of capital has dropped considerably, allowing deals to be completed that were previously unavailable. As a result, there is a lot of capital seeking the few assets for sale that are coming to market, which is accelerating hotel prices. He added, however, that apart from a couple of portfolio transactions earlier this year, sales volume has remained low due to a shortage of supply, which has also made price discovery difficult and created a significant gap between what sellers are asking and what buyers are willing to pay.
The future of Hotel Marieta, a 4-star adults-only hotel in Playa del Inglés, and the avant-garde BEX Design Plus Hotel in the capital of Gran Canaria, could be about to be redefined following Bluesea Hotels' acquisition of Meeting Point's hotel business in Spain. Both assets, operated under the Labranda brand until now, belong to the Acosta Matos family, but their continued existence under the Bluesea umbrella could depend on a sale or a substantial renewal of current contracts.
As Maspalomas24H previously reported, Bluesea has already begun talks to renew all management agreements and has not ruled out purchasing the hotels directly from their owners as part of its new strategy. "Even by purchasing," the group emphasizes, in its commitment to ensuring stability and operational continuity at the establishments inherited from Meeting Point Spain. The Marieta and the BEX, both strategically located and with established clientele, fit the profile Bluesea seeks to consolidate: urban or resort hotels with high profitability potential following an operational restructuring. The chain, which already has more than 7.000 rooms and is growing by more than 60% in turnover following this acquisition, is now seeking to strengthen its presence in the Canary Islands, where it is adding 15 new hotels and almost 2.000 rooms after absorbing the FTI portfolio.
The financial backing of Portobello Capital and an additional fund subscribed in 2024 place Bluesea in a strong position to acquire key assets. This financial strength is complemented by an excellent year-end closing with more than 200.000 reservations and an occupancy rate of over 90%. Acosta Matos's team has not made a final decision on the future of the Marieta and BEX. However, sources close to the process confirm that sale options are on the table, provided certain conditions related to employment and the brand are met. Bluesea, for its part, insists that its priority is to guarantee jobs and accelerate the financial commitments made in the restructuring process.
The south of Gran Canaria, a critical piece
The eventual purchase of the Marieta would further consolidate Bluesea's influence in the southern tourist region of Gran Canaria, where it already manages several assets following the transaction with Meeting Point. The addition of the hotel would also represent a key logistical and operational advantage in a destination with high turnover and demanding international competition. In Las Palmas, the BEX Design Plus represents a different investment profile: an urban design hotel, geared toward business and city breaks, with a strong digital positioning. Its inclusion in Bluesea's portfolio would pave the way for a diversification of the group's offering beyond purely leisure tourism. The sector is closely watching these developments. The integration of Meeting Point's Canary Islands assets, now in the hands of a nimble and capitalized player, could mark a turning point in the islands' hotel landscape. The response of long-standing owners like Acosta Matos will be key in determining the extent of Bluesea's expansion in this new phase.
