Hafraro, a company headed by the Canarian family-owned Group Roso, which boasts over 50 years of experience and has played a significant role in shaping the tourism sector in the Canary Islands, notably through the creation of Puerto de Mogán, and Buenavista Equity Partners, a private equity manager specialising in Spain’s lower/mid-market segment, through its Buenavista NextGen Urbano fund, have today announced an investment of €23.5 million for the refurbishment of the former Park&Sporthotel Helga Masthoff, located in the municipality of San Bartolomé de Tirajana on the island of Gran Canaria.
The hotel, which has been closed and unused for over 20 years, was established in 1978 by German tennis player Helga Masthoff. A pioneer in sports tourism and one of the first luxury establishments on the island, the hotel regularly welcomed prominent social, political and sporting figures.
The investment will enable the comprehensive transformation of the property, which will reopen as a boutique hotel at the forefront of luxury, sustainability and wellbeing in Gran Canaria. The project includes the full refurbishment of 49 rooms and the construction of five new villas, bringing the total number of accommodation units to 54. In addition, the hotel will benefit from new spa, wellness, dining and leisure facilities across more than 33,000 square metres, located within a protected natural setting.
The transaction is structured through the creation of the society Proyecto Chamoriscán S.L., majority owned by the developer partner Hafraro, with Buenavista NextGen Urbano joining as a minority financial partner. Buenavista is contributing a total of €8.5 million in European funds. The transaction is further supported by CBNK Banco, a leading bank for professionals in engineering and healthcare, which is providing senior financing.
The hotel will be managed by IT Hotels Unique Spaces, a specialist operator of distinctive luxury hotels, marking its entry into the Canary Islands. The company currently operates six five-star hotels and is renowned for its emphasis on exclusivity, authenticity and sustainability in exceptional locations.
Agustín Roso, Manager of Hafraro, commented: “It is both an honour and an exciting challenge for us to restore the legacy of Helga Masthoff. Our aim is to lead the much-needed evolution of Gran Canaria’s tourism model towards a more sustainable and high-quality offering.”
Victoriano López-Pinto, Managing Partner at Buenavista Infrastructure, stated: “This project represents a unique opportunity to combine urban regeneration, sustainable tourism and job creation through the deployment of European funds. The initiative revitalises obsolete hotel assets in the Canary Islands, with a firm commitment to sustainability and the development of a new tourism product, all made possible by bringing together institutional capital, national banking and local investors.”
NextGenerationEU funds
Buenavista NextGen Urbano, S.I.C.C. is a vehicle established following the appointment of Buenavista Infrastructure by the European Investment Bank (EIB) as financial intermediary to manage €200 million from the Fund of Funds, with resources from the Regional Resilience Fund (FRA, in Spanish). The FRA forms part of Spain’s Recovery, Transformation and Resilience Plan and is financed with NextGenerationEU funds. The fund supports projects related to affordable housing, urban regeneration and sustainable tourism.
The recovery project for Hotel Palmitos has been recognised as eligible under Component 14 of the Recovery, Transformation and Resilience Plan and meets the requirements to access Next Generation EU funding. According to the sustainability due diligence and the certifications obtained, the project complies with the DNSH principle and makes the highest possible contribution to climate change mitigation, achieving a reduction in non-renewable primary energy consumption of more than 30 per cent, with a positive impact on both the environment and climate.
Advisors
The financial and corporate structuring, as well as the finalisation of agreements between the company and its partners, was overseen by Mallorca Capital, a financial boutique led by Antonio Reus, who will remain involved in the project in an asset management capacity. Proyecto Chamoriscán received legal advice from Ramon Hermosilla Abogados, a law firm which will continue to support the company throughout the development of the project
About Hafraro
Hafraro was founded by three main partners who bring together extensive experience in hotel construction and management, the conceptualisation, commercialisation and scalability of tourism business models, as well as the development and revitalisation of destinations through leisure and sporting activities.
About Buenavista Equity Partners (www.buenavistaequity.com)
Buenavista Equity Partners is an independent management firm founded in 1996 that operates in the middle-market segment. The firm currently manages over €1.2 billion through a range of private equity, infrastructure and venture capital vehicles.
About Mallorca Capital (www.mallorcacapital.com)
Mallorca Capital is an independent corporate finance and investment advisory firm specialising in structuring financing, investment and M&A transactions. The firm supports developers, investors and financial institutions throughout the entire lifecycle of each project
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