Canadian company buys the Mare Nostrum Resorts in the south of Tenerife

After almost a year of hiatus in the tourism sector in the Canary Islands, investment funds have been studying the market and have made some very tempting offers to hotel owners, whose financial situation has been left in such a bad way by the pandemic that they can hardly meet required payments to stay afloat. There are more than 1,200 hotel establishments that have been put up for sale throughout Spain, more than a hundred of which are in the Archipelago.

The latest sale is of the well-known Mare Nostrum Resort, on the ‘Golden Mile’ in Playa de Las Americas in the south of Tenerife. According to the economic information newspaper of the real estate sector, EjePrime, the Canadian fund Brookfield is finalizing the purchase of the Selenta hotel chain for a total of 430 million euros.

The idea, according to the report, is that the purchase is finalised before the end of this month and that the transaction includes the Mare Nostrum complex, which consists of three 4 and 5-star hotels the Mediterranean Palace, the Cleopatra Palace and the Sir Anthony, as well as the Sofia and Expo Hotel hotels in Barcelona, and the Don Carlos in Marbella. However, the agreement maintains the Selenta group as the management company of the resorts.

Brookfield, for its part, is a Canadian investment fund with financial assets of different types valued at more than 600 billion dollars. According to the newspaper, its investments in Spain are large and in various sectors including infrastructure, energy and real estate.