Covivio Acquires 4-Star Hotel in Tenerife for €81 Million

Covivio, through its subsidiary Covivio Hotels, finalized the acquisition of the 4-star Iberostar Las Dalias hotel in Tenerife for €81 million, from a Starwood Capital affiliate. This acquisition, involving a 429-room property, is a strategic step in Covivio's expansion in Southern Europe’s hotel sector.

The hotel is situated in the Canary Islands, Spain's prime tourist destination with 69.7 million overnight stays in 2023. It's located on the Adeje coast, offering proximity to Reina Sofia airport. The facility includes 429 rooms, dining options, sports amenities, and meeting spaces.

This property, refurbished in 2021, demonstrates strong environmental credentials. Covivio continues to boost its presence in the hotel industry, aligning with its strategic goals set out in 2024.