Bahía del Duque is not for sale as owners reject €320 million offer
The CIO Group (Compañía de las Islas Occidentales), owner of the iconic Bahía del Duque hotel and Las Villas in the south of Tenerife, has rejected a €320 million takeover offer from Stoneweg Hospitality and Grupo Lopesan, bringing several months of negotiations to an end.
In a statement issued today, Tuesday, the Canary Islands-based group confirmed that it has ruled out any sale of these flagship hotels and will instead focus on expanding its own portfolio, with plans to open a new hotel within the next two years.
Negotiations formally closed
The talks were conducted under an exclusivity agreement with Stoneweg and Lopesan, but no final agreement was reached. As a result, CIO Group has officially closed the negotiation process and reaffirmed its commitment to organic growth rather than divestment.
The company stressed that the Bahía del Duque and Las Villas remain strategic assets within its long-term vision for tourism in the Canary Islands.
The luxury resort opened in 1993. It boasts a total of 346 rooms, 58 of which are suites, in addition to 40 private villas, 5 swimming pools, squash, padel, and tennis courts, play areas, gyms, a wellness area, kids' clubs, an astronomical observatory, and a lake with various animal species. It also features eight restaurants and thirteen bars and snack bars.
Focus on expansion in Tenerife
CIO Group said it will continue developing its Tais Hotel collection, aiming to strengthen and consolidate its position in the tourism market.
The planned opening in around two years will become the third hotel under The Thais brand, further reinforcing the group’s presence in Tenerife’s high-end hospitality sector.
A long-established Canary Islands group
CIO Group is a family-owned Canary Islands holding company with more than 120 years of history. It is a well-known name across several sectors, including tourism, industry, services and property.
According to the company, its business model is built on a balance between tradition and innovation, with a strong focus on sustainable, long-term development of the Canary Islands’ economy.
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