Stoneweg Hospitality has acquired two hotels in Spain from tourism company Globalia Business for €83m.
The two acquired hotels are La Niña and Palace de Muro, which are located in Spain.
Go deeper with GlobalData
Stoneweg Hospitality acquired the properties through a range of discretionary funds of its parent company Stoneweg.
With the investments, the company’s hospitality exposure increased by 25% from 1,281 to 1,691 rooms, while its weighting to the Balearic and Canary Islands increased to 62%.
Located in Costa Adeje, Tenerife, the four-star La Niña hotel features 226 guest rooms. The 184-room Palace de Muro in Muro, Mallorca, is a five-star hotel.
The two properties will comprise several restaurants, bars, pools, a spa and gym, as well as facilities for meetings, incentives, conferences, and events (MICE).
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataStoneweg Hospitality plans to launch a capital expenditure to renovate the hotels after summer this year.
Stoneweg Hospitality managing director Miguel Casas said: “This was a rare opportunity to establish a footprint in two of Spain’s top performing hospitality destinations, a market where the tourism sector has enjoyed an unprecedented post-covid rebound and add two assets that complement our existing high-quality portfolio.
“While already offering strong fundamentals in their own right, in line with our existing strategy, our highly experienced team will upgrade and reposition the assets in order to generate additional returns through the creation of differentiated products from a concept and branding perspective.”
Established in 2021, Stoneweg Hospitality has a portfolio of seven hotels in Spain. The company stated that these properties have been or are being repositioned.
Stoneweg Hospitality is the hotel investment division of Switzerland-based real estate company Stoneweg.
