Meeting Point, together with GMA, is finalizing the details for the reopening of the Hotel LABRANDA Suites Costa Adeje **** (Adeje, Tenerife). Despite all the restrictions and the effects of the pandemic, the works are in their final phase and the resort opening is scheduled for next September. In addition, the LABRANDA Costa Mogán hotel ,another of the assets acquired in December 2019 from Meeting Point by ATOM Hoteles SOCIMI, was opened this spring, after a comprehensive refurbishment.
Parallel to the reform of the LABRANDA Suites Costa Adeje Hotel, the purchase of 21 new units has been added this week. These will be completely renovated following the brand standards and project sustainability. These 21 additional suites are incorporated into the 384 units that ATOM Hoteles SOCIMI already acquired in the original operation, reaching a total of 405 keys. The property and the operator have set a deadline for closing this purchase once the refurbishment has been completed, so as not to generate inconvenience to the clients with new construction work.
This acquisition of these 21 suites is in addition to the investment commitment of 32 million euros signed in December 2019 between Meeting Point and ATOM Hoteles SOCIMI, for the comprehensive reform of the resort.
The purchase value of these new units comes to 90,000 euros approximately per key, depending on the location and views of each unit. To this, the renovation value must be added, as well as the community expenses corresponding to each of the new units so that they are integrated into the new resort.
With both refurbishments, GMA completes its policy of advancing all investment plans and reform processes during the pandemic, in addition to prioritizing execution with local companies and collaborators, which has contributed to job creation and reinvigorated economic activity in the destinations where the company’s assets are located.
LABRANDA Suites Costa Adeje is located on Avenida Brusselas, in Costa Adeje, in the renowned “golden mile” where the best hotels of the destination are located, superior four star, five star and grand luxury hotels.
For its part, ATOM Hoteles SOCIMI continues with its expansion policy in the Canary Islands, reaffirming its commitment to the value of this destination with its 365 days of good weather a year.
The hotel has undergone a comprehensive change in terms of its image, product and services. Aesthetically, the project has seen a full renovation of all interior, exterior and façade spaces. The complex is set up with two separate buildings, which make up two totally independent areas, one for families and another for adults only. Each of these areas has its corresponding swimming pool areas and independent restaurants, in addition to specific uses for each type of guest, such as Fitness & Wellness, night bar amongst others in the adults-only area; or facilities such as the Kids & Teens club or virtual games in the family area.
The resort now boasts a full new offer of facilities and services, with the integration of 11 bars and restaurants, such as the Sunset Champagne Lounge on the deck with sea views, two pool bars in the solarium for families and adults, the Bubbles Bar located in the central tropical garden, a lobby-bar at the reception as a waiting area for guests and welcome drinks, two specific themed restaurants such as the “Tapas Bar” and the Italian restaurant “La Cucina di Luigi”, and two night bars such as “The Sail Bar” for adults and “The Night Bar” with animation for families, and not forgetting the two main buffets for adults and families. For all these spaces, new concepts and services have been developed that add value to the offer of the different areas.
Regarding the leisure offer, a new pool area with a larger solarium area, a splash park and a multi-sports court are included, thus expanding the family offer, and achieving a total of five completely renovated swimming pools throughout the complex, including a new bali hai located in the adult area as a special highlight. This last relaxation area for adults also has a gym and massage rooms focused on health and well-being.
Commercially, external operators are being selected, with brands and concepts that add value and service to the management of some of these areas.
For this singular project, GMA has counted on the Alfaro Manrique Atelier Interior Design studio, with extensive experience in exemplary hotel renovations such as the Double Tree by Hilton Hotel in Barcelona or the One Shot Tabakalera House Hotel in Donosti.
About ATOM Hoteles
ATOM is the leading hotel owning SOCIMI in Spain, an alternative investment vehicle specialized in the hospitality sector, promoted by Bankinter in January 2018 together with GMA as real estate asset manager, and which, to date, after a double capital increase, has attracted nearly 800 shareholders.
The company`s strategy has been based on building a portfolio of four- and five-star urban and holiday hotels in prime destinations, managed under long-term lease contracts by first-rate national and international operators and independent hoteliers.
At present, ATOM’s portfolio is made up of 28 establishments, totaling 6,626 rooms, with an asset value of over 660 million euros.
Independent investor and manager of real estate investment vehicles, specialized in real estate hospitality assets and projects.
In its more than 20 years of experience in the national and international market, GMA has managed and owned third-party investments, assuming different roles depending on the type of vehicle, from pure management to the figure of investor-manager.
In recent years, the team has participated in more than 400 transactions and participated in hotel projects worth more than 5 billion euros. Currently, it manages more than 1,000 million euros in assets. Its parent company is GMA Capital, founding partner of ATOM Hotels SOCIMI, together with Bankinter.
About Bankinter y Bankinter Investment
Bankinter is the fourth Spanish bank by stock market value, the most solid in the Spanish financial system and the third in Europe, according to recent stress tests carried out by the EBA – European Banking Authority. Bankinter Investment, the entity’s Investment Banking area, has promoted an important alternative investment platform that has become a benchmark in the Spanish market. In the last five years, it has launched, with the help of expert managers in various sectors, 16 successful alternative investment vehicles with a committed capital of 3,200 million euros. Bankinter Investment has a portfolio of assets under management of more than 5,000 million euros, including project financing. For the asset management, Bankinter has followed the model of partnering with an expert company in each investment field of each fund or Socimi, such as renewable energies, hospitality, student residences, infrastructures, commercial surfaces, logistics, private equity and venture capital.
About MP Hotels
Founded by FTI Group in September 2015, Meeting Point Hotels is an international hotel company with a current portfolio of 5 brands that encompasses more than 60 properties with more than 14,000 rooms and is present in 8 countries. This portfolio of company brands includes Design Plus Hotels, Kairaba Hotels & Resorts, Club Sei, Lemon & Soul Hotels and LABRANDA Hotels & Resorts which, in turn, has five subcategories that are select, comfort, balance, family star and city.
With all hotels located in sunny destinations next, or very close, to the beach, Meeting Point Hotels is fully dedicated to serving its clients with a smile and offering authentic experiences with the destination’s distinct touch. Be it couples, solo travelers, families or groups of friends looking to enjoy the sun, or for guests who are sports lovers, interested in culture or simply want to enjoy local cuisine, Meeting Point Hotels has the perfect option for everyone.