Blackstone's withdrawal and Calena Partners' arrival in the hotel sector of southern Gran Canaria
The hotel market in southern Gran Canaria has experienced significant corporate activity this summer with the entry of the Calena Partners fund , backed by a syndicate of Spanish family offices. This transaction represents a major restructuring of ownership for iconic beachfront hotels, particularly in the San Agustín area , near the heart of Maspalomas.
Changes in hotel ownership: Calena Partners takes control
Calena Partners , founded by Felipe Klein , has acquired control of the Corallium Beach by Lopesan Hotels , strategically located on the coast of San Agustín. This acquisition was made through a club deal, allowing for the joint and coordinated entry of domestic private capital. The investment vehicle has not only entered the Canary Islands holiday market but has also added strategic assets in the Balearic Islands, reaching a total of approximately 900 operational rooms across the various properties acquired.
The hotels included in this operation include:
- El Corallium Beach by Lopesan Hotels (Gran Canaria), with 210 rooms.
- El Barceló Ponent Beach (Mallorca), four-star complex with more than 400 rooms.
- El Fergus Style Tobago (Mallorca), a five-star establishment with 260 rooms.
This global transaction has been closed for an amount close to 200 million euros , involving the transfer from the hands of the American giant Blackstone , which managed these assets through its hotel platform Hotel Investment Partners ( HIP ).
Financial advice and structure in hotel operations
The process has benefited from legal, financial, and strategic advice provided by renowned firms such as Cuatrecasas, Deloitte, and AZ Capital. Calena Partners' strategy focuses on investing exclusively in holiday resorts with dominant positions within the Spanish tourism market, prioritizing those that have already undergone critical structural renovations and do not require immediate additional capital expenditures ( capex ). This ensures recurring cash flows from the moment each acquisition is finalized.
Impact on the management and operational continuity of hotels
The acquisition of the Corallium Beach by Lopesan Hotels will not entail any changes to the day-to-day management of the San Agustín property. The new owners have decided to maintain the existing operating agreements, ensuring that Lopesan Hotels continues to manage the three-star hotel complex. This decision guarantees a smooth transition and preserves the quality of service, which is key to its competitive positioning in the tourism sector of southern Gran Canaria.
Corporate strategy and vision of Calena Partners in the Spanish holiday market
Calena Partners ' corporate strategy is characterized by its focus on well-positioned holiday assets in established destinations such as Gran Canaria and Mallorca . The fund, managed by Felipe Klein, prioritizes investments in hotels that have already passed their critical phases of structural renovation, eliminating the need for immediate outlays for additional investment and allowing for stable cash flow from the outset.
This investment strengthens the national presence in the face of international investors like Blackstone, marking a significant shift in the hotel real estate cycle in southern Gran Canaria. Analysts highlight that established locations around Maspalomas remain highly attractive to institutional capital due to the resilience of their average room rates and the stability offered by European demand throughout the year, especially during the winter season.
Conclusion: Maturation and growth of the island hotel market
The exit of Blackstone and the entry of domestic private capital through the fund led by Felipe Klein reflect a significant maturation within the Canary Islands' tourism real estate cycle. The transaction underscores the current liquidity of the island's accommodation market, where specialized funds are actively competing to acquire stable assets considered safe havens in the face of volatile macroeconomic scenarios.
This corporate move further strengthens the Spanish hotel sector, consolidating Gran Canaria and the Balearic Islands as preferred destinations for national and international tourism investments.
