Atom, a real estate investment trust established in 2018 by Bankinter, has announced the sale of the four-star Hotel Labranda Costa Adeje, previously called the Isla Bonita, for €110 million, located in Fañabe in the south of Tenerife.
This sale follows the earlier sale of the Labranda Costa Mogán in Gran Canaria, which was sold to H10 Hotels in May. Both properties had been managed by Meeting Point Hotels, part of the FTI Group.
The Hotel Labranda Costa Adeje, a 4-star hotel with 440 rooms, was initially acquired from Meeting Point Hotels at the end of 2019. Since then, it has undergone a comprehensive renovation. Atom has now decided to rotate the asset and sell it to a buyer selected through a competitive bidding process.
While Atom has only disclosed that the purchaser is a “family-owned Canary Islands group” with a long-standing presence in Tenerife, industry sources suggest the buyer could be Hovima Hotels.
Hovima Hotels, owned by the Konrad family, began operations in Tenerife in 1973. The chain currently has six hotels on the island offering over 4,000 beds. Four of these hotels are situated close to the recently acquired Labranda Costa Adeje.
Atom has praised the role of Meeting Point Hotels in facilitating the transaction and has highlighted the strong partnership cultivated over five years, which included collaborative repositioning projects for two complexes.
The Hotel Labranda Costa Adeje itself is a luxurious establishment offering 409 suites, each with a private terrace. Its facilities include a wellness centre, three pools, a splash park, a multi-sports court, and ample parking.
The hotel also boasts diverse dining options, such as the live-cooking Italian restaurant Cucina di Luigi, a tapas bar, and a rooftop cocktail lounge named Sunset Champagne Lounge. Additional amenities include poolside bars, two indoor night bars, and buffet restaurants catering to both families and adults.
This sale emphasizes the continued attractiveness of Tenerife’s hospitality market and the strategic moves by key players to strengthen their positions in this competitive sector.
