One of Tenerife’s best-known hotel complexes has changed hands in what is being billed as Spain’s biggest ever hotel transaction.
The Mare Nostrum Resort in Playa de Las Américas has been sold for a massive 430 million euros and is now the property of the Spring Hotels Group, following the surprise operation.
Mare Nostrum consists of three of south Tenerife’s iconic hotels: the five-star Mediterranean Palace, the Sir Anthony (also five stars), and the Cleopatra Palace (four stars). The strategic acquisition means that Spring Hotels adds over 1,000 rooms to its portfolio and, crucially, extra components such as the Mare Nostrum’s modern conference centre, the Hard Rock Café and a beach club..
News of the sale surprised many, not least bearing in mind that Mare Nostrum’s previous owners had reportedly spent over 55 million euros on modernising the hotels and facilities not that long ago.
Spring Hotels already operates three hotels in south Tenerife – the 391-room Arona Gran Hotel, the 371-room Spring Hotel Vulcano, and the 314-room Spring Hotel Bitácora – and says the purchase illustrates its commitment to quality tourism.
CEO Miguel Villarroya said the purchase was “testament to the group’s strength and growth over the last decade, a strategic move that diversifies our offering by complementing our four-star hotels with luxury tourism products. Above all, it reaffirms our commitment to Tenerife and the Canary Islands, where we have been present for more than 40 years, advocating responsible tourism and contributing to the sustainable development of our community.”
