Black Rock Hotel Project | Las Palmas

• Debt project in Gran Canaria

• Loan amount: 4.955.000€ // Term: 22 months (possible extension of 8 additional months in month 22)

• 14% annual // 25.66% total return 

• Main loan guarantees

     1. Second mortgage promise on the Occidental Black Rock Hotel.

     2. First pledge on the shares of the company owning the hotel.

     3. Irrevocable power of sale of the asset in favor of Urbanitae investors from month 21, for an amount of 15M €.

We present a new project that consists of the granting of a loan to finance the acquisition of the majority of the shares of the minority shareholders of the company owning the Occidental Black Rock Hotel, located in Agaete, Las Palmas. Likewise, the loan will also be used to satisfy the debt with the Barceló operating group. 

The Occidental Black Rock Hotel is a four-star hotel with 140 rooms, built in 2010 and located on the seafront. The asset was acquired in 2017 by the Sponsor, who carried out a major reform and expansion in 2021. It has two restaurants, a bar, a spa, a swimming pool, an event center, and an underground parking lot. The hotel has been operated by the Barceló Group since 2022 under a management contract with a mandatory compliance of 20 years.

The hotel is located in Agaete, a municipality located in the northwest of the island of Gran Canaria. Agaete is known for its natural and scenic environment and for being an alternative tourist destination to the south of the island of Gran Canaria. The hotel is located on a cliff overlooking the sea and the island of Tenerife, in the surroundings of the Tamadaba Natural Park. It has good communications with the city of Las Palmas de Gran Canaria (20 min by car), with Gran Canaria airport (40 min by car) and with Santa Cruz de Tenerife (c. 1h by ferry).

Gran Canaria is the second largest island in the Canary archipelago. Its warm climate all year round allows it to have continuous holiday demand, with tourism being its main economic activity and with an important business fabric within the Spanish panorama. The island receives more than 5 million tourists a year. The two main tourist centers of the island are located in the south of the region (including the municipalities of San Bartolomé de Tirajana and Mogán) which attract sun and beach tourism and to the northeast the city of Las Palmas de Gran Canaria, as the business center of the archipelago. The north of the island is a quieter area that attracts a tourist oriented to leisure, nature, sport and a more active experience.