At the age of 48, he took on the presidency of the Fedola Group, one of the most robust business holding companies in the Canary Islands, built on the foundations of the tourism sector, agricultural marketing, and construction, comprising 15 companies, approximately thirty brands, and 1,400 employees.
Now, six years later and amidst the celebration of the Tenerife company’s silver anniversary, Victoria López Fuentes (54 years old), fondly recalls how her father, Fernando López Arvelo (86), as a young lad, would leave home with a bag filled with produce from his parents’ garden, returning with it empty save for “a few coins” in his pocket; enduring the mockery of others as he sold eggs door-to-door, an activity traditionally reserved for women. However, he remained unfazed because his priority was to come back with the bag devoid of food. He inherited this entrepreneurial spirit from his mother, who took him as an infant to the market, where she sold her fruits and vegetables.
“My father was not afforded the chance to receive an education, as the impoverished did not attend school and had to toil to survive,” Victoria López told DIARIO DE AVISOS, emphasising how, over the years, the enterprising young man from Tacoronte earned the trust of local farmers to sell their produce, agreeing to pay them the following day: “He was always reliable and that trustworthiness, alongside his immense dedication, are the principles that he has instilled in us the most, those we can now say are the foundation of the Fedola Group’s success: effort and trustworthiness, with banks, suppliers, and employees.”
The president of the Tenerife firm highlights her father’s innovative nature as he began to carve out his niche as an entrepreneur. “He was rather revolutionary for his time, with a mindset quite different from that of other businesspeople, perhaps due to his absolute humility and an unwavering belief in gratitude, surrounding himself with those who knew more than he did. One of his sayings that has remained with me is: ‘Thank you for wanting to work with me.’ That has been another invaluable lesson we’ve learnt from him.”
Victoria López also praises the vital role of her mother, Candelaria Fuentes, “more closely tied to the home,” describing her as “fundamental to my father, providing unconditional support, and central to the family unit.” She notes that to this day, “she worries daily about our well-being; she claims she cannot sleep soundly if she is not assured that all her chicks are at home.”
FIVE HOTELS
Twenty-five years on, the Fedola Group directs its primary business operations towards hospitality, boasting five establishments that offer a total of 3,100 beds. It has a hotel in Puerto de la Cruz (GF Noelia), the first one opened by the company, alongside four in Costa Adeje, “the golden mile of tourism,” adds López: GF Fañabé, GF Isabel, GF Gran Costa Adeje, and their latest major investment, GF Victoria, a five-star luxury hotel that commenced operations in 2019.
The corporation also encompasses technology companies, professional uniforms, a distribution network for hotels, restaurants and cafés, an insurance brokerage, and maintains a strong commitment to diversification with investments in agriculture and construction.
Although this quarter of a century has been characterised by rapid growth, the president of Fedola acknowledges “very challenging” times. The most critical period coincided with the pandemic in 2020, when GF Victoria, the crown jewel, was just beginning. “We had launched the hotel a year prior, with an investment exceeding 100 million euros, and at that point, we had a considerable debt; the pandemic severely impacted us financially, but our credibility with the banks enabled us to persevere: we renegotiated the debt, extended terms, altered conditions… the banks realised they needed to support the Fedola Group, and that proved to be our lifeline.”
Addressing the notion of investing beyond the Canary Islands, Victoria López, who also serves as vice president of the Ashotel hotel association, emphasises that the priority remains “to grow locally.” “It is nonsensical for us to consider international expansion when major chains and private investors are eager to establish themselves in the Canary Islands,” she asserts. The company’s strategy focuses not on increasing the number of hotel complexes but on renovating the existing establishments, with the exception of GF Victoria. “Next year, we will temporarily close GF Gran Costa Adeje for seven months for extensive refurbishment, and if all goes to plan, we will gradually commence renovations on the other three, ensuring that all four hotels in the South meet the standards of their location, which is the premier tourist area in Spain.”
In relation to the substantial demographic growth experienced in the South this century alongside inadequate infrastructure to accommodate the population surge, Victoria López expresses her dismay at the speed of public administrations: “We are mired in bureaucracy, which is far too slow. we see this, for instance, with the delayed sensitive declaration regarding the Southern airport to alleviate taxi queues.” In light of this situation, she conveys a message to public officials: “We require a political class that is courageous and less complacent; it’s evident that actions need to be executed transparently, but pleasing everyone is impossible; I urge boldness.”
She advocates for increased agility in crucial projects to enhance mobility within the southern region, citing a few examples: “In over a year, not even a kilometre of highway has been paved, and I fail to understand why measures have not been undertaken to create bus lanes or designate routes for taxis and high-occupancy vehicles.”
VACATION HOUSING
On the subject of the surge in holiday homes and its repercussions on the tourism sector and particularly on workers, he is unequivocal: “It represents an unbridled lack of oversight, and it will not be because we at Ashotel have been alerting about this for years.” He further critiques the “marketing scheme designed to make people believe this was beneficial for anyone possessing a summer property” as a “falsehood.” In that context, he recalls that “studies from the University of La Laguna show that over 50% of holiday homes are owned by individuals from outside, including large and medium-sized proprietors who acquire 20 or 30 properties and put them into operation.”
Conversely, despite the prevailing positive tourism climate, López cautions that destinations such as Morocco, other countries, and even the Portuguese islands are “becoming competitive,” a reality intertwined with protests against tourist overcrowding and rising tourismphobia. “Those who disturb tourists at the beach lack the minimum respect to understand the importance of tourism,” he states, recalling an experience from nearly five years ago: “Let us remember the joy we felt when we reopened the first hotel post-Covid; people applauded and expressed their gratitude. We have lost sight of what it is like to be without tourism!”
Specifically, following the pandemic, he affirms a significant shift in societal attitudes: “Individuals have realised that accumulating experiences outweighs the accumulation of wealth,” and, aligned with this perspective, he maintains that “tourists seek more than just a bed and a good buffet; they crave profound experiences both inside and outside the hotel.”
