New project! Invest in a hotel in the Canary Islands with a 14% annual return
Our first project of February and the third one we are launching in the Canary Islands. This time, in the hotel sector. Save the date: you can invest on Thursday, February 20, at 4:00 PM (UTC+1). Here are all the details.
The Hotel Roca Negra project consists of granting a loan to finance the acquisition of the majority of shares held by minority shareholders of the company that owns the Occidental Roca Negra hotel, located in Agaete, Las Palmas. The loan will also be used to settle the debt with the operator group Barceló.
The Occidental Roca Negra is a four-star hotel with 140 rooms, built in 2010 and located on the beachfront. The asset was acquired in 2017 by the sponsor, ACIP Marinesa, which undertook a major renovation and expansion in 2021. The hotel features two restaurants, a bar, a spa, a swimming pool, an event center, and an underground parking facility. Since 2022, the hotel has been operated by Grupo Barceló under a management contract with a mandatory term of 20 years.
A prime location
The hotel is located in Agaete, a municipality in the northwest of Gran Canaria. Agaete is renowned for its natural and scenic surroundings and serves as an alternative tourist destination to the southern part of the island. The hotel is perched on a cliff with views of the sea and the island of Tenerife, within the Tamadaba Natural Park. It is well-connected to Las Palmas de Gran Canaria (20 minutes by car), Gran Canaria Airport (40 minutes by car), and Santa Cruz de Tenerife (around an hour by ferry).
Gran Canaria is the second-largest island in the Canary archipelago. Its warm climate year-round allows for continuous tourist demand, making tourism its main economic activity and a significant business hub in Spain. The island receives over 5 million tourists per year. The two main tourist centers are in the south (including San Bartolomé de Tirajana and Mogán), which attract sun-and-beach tourism, and in the northeast, where Las Palmas de Gran Canaria serves as the business hub of the archipelago. The north of the island is a quieter area that attracts tourists interested in leisure, nature, sports, and a more active experience.
The best hotel in Northern Gran Canaria
The developer of the operation is SPV Britania S.L., which currently holds a 51% majority stake in Hotel Roca Negra Agaete S.A., the company that owns the Occidental Roca Negra hotel.
The sponsor, ACIP Marinesa, has a portfolio of several real estate assets in the Canary Islands and extensive experience in managing hotel assets and properties oriented towards leisure and hospitality, with a total value exceeding 50 million euros.
The Occidental Roca Negra hotel has all necessary permits and licenses. In 2025, expansion work is planned for the restaurant near the pool area, as well as the construction of a rotating parking facility. The hotel is in perfect condition.
Since December 2022, the hotel has been operated by Barceló Gestión Hotelera S.L. (Grupo Barceló) under its mid-range brand Occidental, through a management contract (HMA). The contract with Barceló has a mandatory term of 20 years, until December 2042. After the first five years, the operator may negotiate with the owner to convert the management contract into a fixed lease agreement.
This is the most important hotel in northern Gran Canaria. Under the management of Grupo Barceló, it has exceeded performance expectations, improving its operational results year after year. According to the operator’s business plan, operating performance is expected to improve by 7.5% over the next four years, reaching 33% by 2028.
An ECO valuation estimates the asset at 24,973,058 euros. According to the sponsor’s business plan, the estimated sale price is between 21 and 23 million euros.
25.67% return in 22 months
The Hotel Roca Negra project is a debt investment. Urbanitae investors will participate in the project by granting a single-tranche loan with a fixed annual interest rate of 14.0% and a term of 22 months. This loan will be used to finance the acquisition of the majority of shares from minority shareholders of the hotel-owning company and to settle the debt with the operator.
The total loan amount is 4,955,000 euros, fully financed by Urbanitae investors. An extension of eight months is allowed at month 22. Additionally, full early repayment is permitted at any time, subject to a guaranteed minimum return equivalent to 13 months of interest. As is customary in our debt projects, interest will begin to accrue from the date of loan agreement execution.
Urbanitae investors will exit the investment through the sale of the hotel.
Regarding project guarantees, the loan agreement includes:
- A second-ranking mortgage promise on the Occidental Roca Negra hotel.
- A first-ranking pledge on the shares of the hotel-owning company.
- An irrevocable power of sale in favor of Urbanitae investors starting in month 21, for an amount of 15 million euros.
In this video, the sponsor and our CEO, Diego Bestard, explain the key aspects of the project.
Expected returns in 2026-27
The Hotel Roca Negra project has an estimated term of 22 months. The loan is expected to be granted in the first quarter of 2025. The hotel is projected to be marketed between the first quarter of 2025 and the fourth quarter of 2026. Finally, the sale of the hotel and repayment of the loan to Urbanitae investors is expected between the fourth quarter of 2026 and the first quarter of 2027.
Any questions? On Tuesday the 18th at 1:00 PM (UTC+1), we will hold a webinar with the sponsor, ACIP Marinesa, where we will address all your questions about the project. You can also contact us via email at contacto@urbanitae.com or by phone at (+34) 911 23 25 22.
We look forward to seeing you!