The Indian Bhagvanji family, which owns Saaj Hotels Invest, has purchased the hotel martianez in Puerto de la Cruz, Tenerife, according to the portal axisprime. The four-star, 138-room hotel has been closed since 2005 and will be repositioned before reopening to the public. The Silken Hoteles company will be in charge of managing the hotel, which will increase its portfolio in the Canary Islands to four establishments. According to Amado Jiménez, Director of Human Resources, Quality and Communication at Silken Hotels, “The company’s commitment to the Canary Islands is strong.”
The purchase of the Martiánez hotel follows the positive trend of the hotel transaction market in Spain in recent quarters. In 2022, the segment captured 3,279 million euros, according to the Hotel Investment Report in Spain prepared by Colliers. In 2021, 133 hotels and 17,754 rooms were transacted, and another 30 assets were purchased for hotel development or conversion to hotels.
Silken Hoteles, based in Vitoria-Gasteiz, currently has a portfolio of three thousand rooms and generates more than one thousand direct jobs. It has plans to continue growing in the management of hotels in holiday and leisure destinations, and is preparing an international leap while planning new openings in the national territory this year 2023.
Martinez was originally a timeshare. Many of the owners were British and paid thousands of pounds to ‘buy’ a week and then hundreds towards the maintenance. All those people lost their money when the developer and the owners committee were in dispute. The owners put into a legal fund whilst unable to use their time. Disgraceful outcome. The rich get richer and the poor lose out .