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12 December 2017
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Hispania acquires Mallorca based FERGUS

26 July 17 - RE+D Magazine
Hispania acquires Mallorca based FERGUS

COMPANIES

Savills

Consultant - GREECE

ETAD.A.E.

Public entity - GREECE

Solum Property Solutions

Consultant - GREECE

IBI Group

Consultant - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
Hispania has completed the acquisition of the Tobago Hotel on the island of Mallorca for a total of €20 million.

 

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 275keysof category 3 * and big common areas.

The operation 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 this acquisition, Hispania has 11,296 rooms in 39 hotels consolidating itself as the leading hotel owner in Spain.

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