A well-known hotel in the south of Tenerife has been sold as part of a €140 million joint venture between Spanish bank Banca March and hotel group Meliá, marking a significant move in the tourism and investment sectors.
The deal includes the acquisition of the Sol Tenerife, located in Playa de las Américas, and the Innside Palma Bosque in Mallorca. Under the agreement, Banca March will hold a 70% stake in the properties, with Meliá retaining the remaining 30%.
The two companies plan to invest around €50 million in upgrading both hotels. The Sol Tenerife, which has 522 rooms and a prime beachfront location surrounded by over 10,000 square metres of gardens and communal areas, is set to undergo a full renovation between 2026 and 2027. Once refurbished, it will relaunch under the Meliá brand.
The Innside Palma Bosque will also see extensive renovations during the 2025–2026 winter season.
Banca March said the move aligns with its long-term investment strategy. Since 2008, the bank and its clients have committed more than €3.9 billion to similar projects, involving over 3,900 investors.
José Luis Acea, CEO of Banca March, described the acquisition as a "strategic step" supported by the strength of the hotel assets and Meliá’s proven track record in the hospitality sector.
