Lopesan Secures four key hotels in Taurito and Las Tirajanas in €99 million auction
The long-running insolvency process of Mar Abierto, the tourism company belonging to the Santana Cazorla Group, has reached its conclusion with a landmark auction of its assets.
The Lopesan Group, through its subsidiary Isla Marina, has been awarded four of the five lots on offer, including three hotels in Taurito and the well-known Hotel Las Tirajanas.
Lopesan has taken ownership of the Hotel Lago Taurito, Hotel Valle Taurito, and Hotel Costa Taurito, along with the Hotel Las Tirajanas (operated under an administrative concession). The combined value of these acquisitions stands at €85 million.
In addition, the group has secured 26 commercial premises in Playa Taurito (totalling 1,118 m²), as well as two plots of land in Meloneras with a total surface area of nearly 12,000 m².
Auction exceeds expectations
The auction, which attracted significant interest, raised €99.2 million in total, an impressive €15 million above the estimated debt of Mar Abierto (€84.7 million). The minimum starting price for all five lots had been set at €47.2 million.
“This has been a very successful process, as the amount raised will exceed the debts owed,” sources close to the auction confirmed.
Among Mar Abierto’s creditors are FOGASA (the state wage guarantee fund), SAREB (the “bad bank”), the Mogán Town Council, Banco Santander, the Spanish Tax Agency, and several local suppliers.
What’s next?
The transfer of assets is now awaiting formal confirmation by the insolvency administrators. Once completed, it will significantly increase Lopesan’s already strong presence in the south of Gran Canaria.
Meanwhile, two additional lots remain under a separate auction running until tomorrow, Monday 15th September. These include potential economic rights tied to the outcome of Mar Abierto’s insolvency ruling.
These more speculative lots could see significant payouts for successful bidders if the courts ultimately find the insolvency to be culpable rather than fortuitous.
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