London-based investment firm Blantyre Capital has acquired a portfolio of hotels in the Canary Islands comprising 1,244 keys from owner-operator Jacamar and Tenesur.
Financial details were not disclosed.
The properties, which previously traded under the Gema banner, have been earmarked for a €20 mln repositioning.
Blantyre has also signed a management deal with US travel and leisure-management group, Apple Leisure Group, which will rebrand the properties under the brand Alua, through its brand management arm, AM Resorts.
The portfolio consists of four 3-star and 4-star resorts located in Tenerife, making up a total of 1,224 rooms distributed between the municipalities of San Miguel de Abona and Puerto de la Cruz.
Blantyre Capital makes its debut in the Spanish market with the acquisition of the portfolio.
Javier Águila, president for Europe and global strategy at Apple Leisure Group, said: 'We are very happy with this, the first operation with Blantyre Capital: a new demonstration of our capacity to collaborate with prime institutional investors.
'These incorporations will also allow us to surpass the expansion goals we set at the beginning of a year which has been very demanding for our segment, endorse the extraordinary work carried out by our team, and redouble our bet and commitment towards the Canary Islands.'
Miguel Cebrian, investment manager at Blantyre Capital, said: 'Blantyre will support the managing team so as to offer our clients a new proposition moving forward from the season 2021-2022.'
Jorge Ruiz, Head of Hotels, Spain and Portugal at CBRE, advisors to Jacamar and Tenesur, said: 'This transaction confirms the appetite from international investors for the Spanish hotel market and Islands, in particular, despite the uncertainty generated by the pandemic.'
Miguel Casas, head of hotel investment properties, Continental Europe at CBRE said: 'Unexpected shifts in the market have allowed for new investors to come in, which is positive for the sector. We anticipate that the leisure market will recover sooner than other segments of the hotel sector and this sale supports that.'