Lopesan to buy Tenerife’s Bahía del Duque Hotel in €320m deal
Lopesan Hotel Group is finalising the purchase of the iconic Bahía del Duque in Costa Adeje for around €320 million, in what would be one of the biggest deals in the Canary Islands’ tourism sector to date.
Although the agreement with the current owner, Grupo CIO, has not yet been signed, it is now in its final stage and subject only to a financial audit before completion.
If confirmed, the transaction would see Lopesan, originally from Gran Canaria, establish itself in Tenerife’s highly competitive luxury hotel market.
The Bahía del Duque is considered one of the jewels of Costa Adeje, combining a five-star hotel with exclusive luxury villas known as the Ducal residences.
This would be the second biggest hotel deal in Tenerife this year, after Spring Hotels bought the Mare Nostrum Resort for €430 million in June.
This move comes less than a year after Lopesan purchased the exclusive Miguel Ángel Hotel in Madrid in partnership with investment fund Stoneweg Hospitality. That deal, worth hundreds of millions, opened the way for further collaboration between Lopesan and Stoneweg, which is also involved in the Bahía del Duque negotiations.
The Tenerife deal is set up in a similar way to the Madrid purchase. The Zamorano family, owners of Grupo CIO and the Bahía del Duque, first made an agreement with Stoneweg. Stoneweg then brought Lopesan into the deal.
Lopesan, founded in 1995 in Fuerteventura, has grown into one of Spain’s biggest hotel groups, with resorts in Gran Canaria, the Dominican Republic, Germany, and Austria. Buying one of Tenerife’s top resorts would be a major step for the company.
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