As Fuerteventura continues to attract investors, international ventures in the Canary Islands are gaining momentum.
PREMIA Properties, a Greek real estate investment firm listed on the Athens Stock Exchange, has made headlines with its recent acquisition of the flagship hotel from Nordic Leisure Travel Group (NLTG) in southern Gran Canaria for €64 million. This transaction represents a significant addition to PREMIA’s growing portfolio, conducted in partnership with NLTG.
The acquisition involves the complete ownership of Hoteles Sunwing S.A.U., which operates the Sunwing Arguineguín, a three-star hotel with 252 rooms situated in the renowned tourist destination of Patalavaca. Under a 15-year lease agreement, NLTG will continue managing the hotel as a tenant, with options to extend the lease for two additional five-year terms. This property has been under NLTG’s stewardship for the past 39 years, although they will retain ownership of the Airtours Resort Ownership.
Elias Georgiadis, CEO of Sterner Stenhus and Chairman of PREMIA, stated that the company is committed to expanding its investments in the tourism sector in collaboration with NLTG. In under a year, PREMIA has acquired a portfolio totaling 1,050 rooms, valued at €180 million, with ambitious plans to surpass 2,000 rooms within the next two years by capitalizing on further investment opportunities and enhancing profitability.
NLTG also pointed to Greece’s strong economic recovery since the 2010 financial crisis as a motivating factor for their investment pursuits abroad, particularly in Spain’s Canary Islands. This acquisition follows the recent sale of two other NLTG resorts earlier this year for €112 million, highlighting an ongoing trend of significant international investment in the Canarian hospitality sector.
Image credit: www.canarianweekly.com
Source: www.canarianweekly.com.
Curated by Fuerteventura Times Real Estate Desk.
