CaixaBank Closes Financing Agreement on Canary Islands Hotel

Cuatrecasas has advised CaixaBank on its financing agreement—through a sustainable loan—with the Spring Hotels Group to purchase the Mare Nostrum Resort, in southern Tenerife, from Brookfield for €430 million.

The acquisition, which is being billed as the largest hotel transaction in Spain’s history, includes three properties in Arona (the Mediterranean Palace, Sir Anthony, and Cleopatra Hotels). It will strengthen the Spring Hotels strategic leadership in one of the Canary Islands’ most important holiday resorts, while reinforcing its position as a benchmark in congress tourism and its commitment to the sustainable and responsible development of the islands.

In addition to these three hotels, Mare Nostrum Resort encompasses a series of first-class tourist products: a meetings, incentives, conferences and exhibitions (MICE) center, a Hard Rock Cafe restaurant, a beach club and other complementary catering assets, which are now part of the Spring Hotels portfolio.