Spanish REIT Hispania has added 1,183 rooms to its portfolio by acquiring the mortgage debt of Dunas Hotels & Resort for €75 million.
The assets include four hotels on Gran Canaria: the Dunas Don Gregory, Dunas Suits and Villas, Dunas Maspalomas and Dunas Mirador. All the resorts are four-star properties with the exception of the three-star Dunas Mirador.
The acquisition will end the liquidation process of Dunas and allow the company to be recapitalized, Hispania said in a statement. The purchase was reportedly at a discount, and is subject to creditors' approval.
The acquisition brings Hispania's total hotel assets to more than 10,500 rooms. The company was listed on the Madrid stock exchange in March 2014 and has since raised more than €861 million to invest in real estate.
Source: Property EU