Premia Properties buys Gran Canaria hotel for €64m

Greek real estate investment company Premia Properties has completed the acquisition of a hotel in Gran Canaria from NLTG (Nordic Leisure Travel Group).

Sunwing Arguineguin 

Specifically, Premia purchased 100% of Hoteles Sunwing, a subsidiary of NLTG, which owns the 4-star Sunwing Arguineguin hotel resort. This resort, located in Mogan, Gran Canaria, Spain, features 252 keys. The acquisition cost was €64 mln, subject to final adjustments.
NLTG, which has managed the hotel for 39 years, will continue to operate it under a long-term triple-net lease agreement. The initial lease term is 15 years, with an option to extend for an additional 10 years (two 5-year periods).
The annual rent, starting October 1, 2025, will be €4.6 million and will be adjusted annually based on the Consumer Price Index (CPI). The transaction was financed by the National Bank of Greece (NBG).
Elias Georgiadis, CEO of Sterner Stenhus and chairman of Premia, stated: “We are expanding our investments in the tourism sector in collaboration with NLTG as a strategic partner. In less than a year, we have acquired a portfolio of 1,050 rooms worth €180 mln. Our goal for the next two years is to exceed 2,000 rooms by capitalizing on investment opportunities and increasing Premia’s profitability.”