Seven hotels were sold in the Canaries for 174 million euros in the first half of 2023

In the first half of this year, seven hotels changed hands for a total of 174 million euros in the Canary Islands, accounting for 13% of national hotel investment making the archipelago one of the destinations with the highest volume of investment.

The transactions show the dynamism of the market as last year, in the entire financial year 2022; only six transactions worth 175 million were closed, according to data from the Hotel Investment Report in Spain prepared by Colliers. In comparison, there were only 4 operations worth 146 million euros in the first half of last year.

Among the most notable operations this year is the acquisition by the HD group of the Oasis Village in Fuerteventura, in a transaction that Colliers themselves advised. Two others also stand out in Puerto de la Cruz, where the Bhagvanji family took over the Hotel Martiánez, which has been closed since 2005, and the definitive award of the Hotel Las Águilas by Apollo, operated for about a year by ADH, also linked to the fund.

NATIONAL FIGURES:
In total, there have been 62 transactions nationwide so far this year for a total of 1.38 billion euros, and 52% of hotel investment has been in the luxury segment, according to the Colliers report.

At the national level, the amount of transactions has decreased compared to 2022 when investment reached 1.64 billion euros in the first six months of the year, but the highest amount was reached in 2018, when operations amounted to 1.8 billion.

According to Colliers, five-star luxury hotels have accounted for 21% of the total investment, and five-star hotels for 31%, that is, a total of 717 million euros.

This is completely new behaviour in the market as a result of the excellent positioning of Spain as a world tourist destination, its rapid recovery after the biggest tourist crisis in history, and the high attractiveness of 'destination Spain', especially for hotel investors with an international profile.