- With this acquisition, Hispania reinforces its presence in the island of Mallorca accumulating a total of 1,312 rooms in 4 hotels on the island.
- Hispania ́s strategy includes an investment of 10 million euros to carry out the full refurbishment of the asset
Hispania has completed the acquisition of the FERGUS Tobago Hotel on the island of Mallorca for a total of 20 million euros. The hotel is located in front line of the Beach of Son Matías, Palmanova, an emblematic place on the island which is currently in the process of updating the hotel and the hotel surroundings. FERGUS Tobago has a total of 275 keys of category 3 * and big common areas. The transaction contemplates the repositioning of the hotel for an approximate amount of 10 million euros, with the aim of increasing its category, as well as the services it provides. The hotel had an excellent performance during 2016, recording an average occupancy of 88% throughout the year. The refurbishment is expected to start once the 2018 season ends.
FERGUS Hotels will continue as the hotel operator through a lease contract with a fixed component and an additional variable component, which will provide similar yields than the rest of the Balearic portfolio.
With the incorporation of this hotel, Hispania's portfolio has increased in the Balearic Islands, strengthening its presence in the Mallorca Island, reference island in the Mediterranean, where Hispania already had 3 hotels and 1,037 rooms.
With this acquisition, Hispania has 11,296 rooms in 39 hotels consolidating itself as the leading hotel owner in Spain.
Source: Hispania