The investment firm Starwood Capital has agreed to acquire the four-star Las Dalias hotel in Tenerife from the Spanish hotel group Iberostar.
The transaction was finalised through a sale & leaseback arrangement whereby Iberostar will retain the management of the establishment.
The Las Dalias hotel has 420 rooms and has been recently refurbished. According to industry sources, the deal is worth 100 million euros.
Starwood Capital has acquired the hotel through Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT managed by the company. This is SREIT’s second European hotel leasehold investment and its first such investment in Spain.
