Calena Partners, the investment firm founded by Felipe Klein, has completed its first transaction with the acquisition of a hotel portfolio comprising three leisure assets located on the seafront in Mallorca and Gran Canaria, two of Spain’s most sought-after tourist destinations.
The transaction marks Calena Partners’ entry into the hospitality market and includes nearly 900 rooms across Barceló Ponent Beach (Cala d’Or, Mallorca), Fergus Style Tobago (Palmanova, Mallorca), and Corallium Beach by Lopesan (San Agustín, Gran Canaria), acquired from Hotel Investment Partners (HIP).
The three hotels will continue to operate under management agreements with their current operators — Barceló, Lopesan, and Fergus — ensuring operational continuity and stable income generation from day one.
The transaction has been structured as a Club Deal, with the participation of a group of Spanish family offices.
The deal reflects Calena Partners’ investment strategy, focused on stabilised, refurbished leisure hotel assets with the ability to generate recurring cash flow from the outset. The firm aims to position itself as a bridge between institutional investors seeking to rotate mature assets and private capital — particularly family offices — looking to enter the hospitality sector through core and core-plus risk profiles.
Based in Barcelona, Calena Partners is committed to long-term capital preservation strategies, with investment horizons ranging from seven to fifteen years, in a context where the Spanish hotel market continues to demonstrate strong fundamentals.
The firm believes that Spain maintains structural competitive advantages over other Mediterranean destinations, particularly in the leisure segment of established markets such as the Balearic Islands, the Canary Islands, and the Costa del Sol, supported by a limited pipeline of new developments due to regulatory restrictions, urban planning moratoriums, and land scarcity, against a backdrop of sustained and growing demand.
In addition, after nearly a decade of strong institutional investment in the modernisation and repositioning of hotel assets, the market now offers a significant volume of already refurbished and stabilised properties, allowing conservative-profile investors to access operational assets without the need for major additional capital expenditure.
For HIP, a platform controlled by Blackstone and backed by Singapore’s sovereign wealth fund GIC, the disposal forms part of its strategy to rotate mature assets within its European portfolio.
In the transaction, Calena Partners was advised by Cuatrecasas, Deloitte, and AZ Capital.
With this transaction, Calena Partners launches its activity with a landmark deal in the Spanish hospitality market, consolidating its value proposition in the stabilised leisure hotel investment segment
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