Los Menceyes to build a resort in Tenerife for 100 million euros
The Belgian group Los Menceyes has bought a 150,000 square metre plot of land in Tenerife and is starting to build the two luxury hotels and a residential area on the Canary Island.
The Catalan asset management firm Mimeisa sells a 150,000 square metre plot in the south of the island.
The Belgian group Los Menceyes has bought a 150,000 square metre plot of land in Tenerife (Canary Islands) from the Catalan firm Mimeisa Asset Management to build a complex that includes both residential and tourist infrastructure. The deal has been closed for around 20 million euros and market sources estimate that the hotel company will invest a minimum of 80 million euros in the construction of the resort.
The Belgian group Los Menceyes has bought a 150,000 square metre plot of land in Tenerife (Canary Islands) from the Catalan firm Mimeisa Asset Management to build a complex that includes both residential and tourist infrastructure. The deal has been closed for around 20 million euros and market sources estimate that the hotel company will invest a minimum of 80 million euros in the construction of the resort.
The asset is located in the municipality of Guía de Isora, where the two main luxury hotels of the island are located: the Ritz Carlton Abama and the Gran Meliá Palacio de Isora. This is an area of great affluence of Belgian visitors and, in fact, several Belgian companies own tourism-related businesses there. The property is located on the seafront, next to Playa San Juan, and has a buildable area of 58,500 square metres.
Construction begins this autumn and is expected to be finished in 2023. It is planned to build two luxury hotels (one of 24,000 sq. m. and the other of 19,700), housing, infrastructure, commercial and hospitality areas.
Mimeisa has been in charge of the urban development, the approval of the partial plan, the environmental licence and the urbanisation project. "The company has increased the value and liquidity of the asset after overcoming all the administrative procedures and being able to start construction", explains Jaume Roig, director of real estate for the Catalan management company.
Construction begins this autumn and is expected to be finished in 2023. It is planned to build two luxury hotels (one of 24,000 sq. m. and the other of 19,700), housing, infrastructure, commercial and hospitality areas.
Mimeisa has been in charge of the urban development, the approval of the partial plan, the environmental licence and the urbanisation project. "The company has increased the value and liquidity of the asset after overcoming all the administrative procedures and being able to start construction", explains Jaume Roig, director of real estate for the Catalan management company.
The Los Menceyes group
The sale of the asset has aroused great interest among the experienced investors in the area. However, Los Menceyes has finally prevailed. With this purchase, it has strengthened its position as a developer with a product oriented towards European clients, which includes both services and turnkey projects.
Los Menceyes is a Belgian family company dedicated to the development of real estate projects in Tenerife with reference for their design, quality and volume in the municipality of Arona. The company is currently developing several luxury housing projects in Tenerife, such as the Seafront Luxury Residence, Colinas de los Menceyes and Jardines de los Menceyes.
Mimeisa is a family-run company. The firm, led by Miguel Casas Huguet, invests, develops and manages real estate assets (residential, offices, commercial premises and hotels) in strategic locations such as Barcelona, Madrid and the Canary Islands.
Los Menceyes is a Belgian family company dedicated to the development of real estate projects in Tenerife with reference for their design, quality and volume in the municipality of Arona. The company is currently developing several luxury housing projects in Tenerife, such as the Seafront Luxury Residence, Colinas de los Menceyes and Jardines de los Menceyes.
Mimeisa is a family-run company. The firm, led by Miguel Casas Huguet, invests, develops and manages real estate assets (residential, offices, commercial premises and hotels) in strategic locations such as Barcelona, Madrid and the Canary Islands.
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