According to Spanish Real Estate, the agreement consists of the the sale of 49.9% of the Ritz Carlton Abama for 50 million euros, to which are added a further 25 million to expand the hotel installations with its residential complex.
The transaction will be complete once the loan conditions are fulfilled from a loan of 60 million which Sabadell granted to the Polancos for a period of 18 months. Once this period is over, and if and when the credit is cancelled out or transferred, HIP will have 49,9% of the luxury resort. If these conditions are not met, HIP will not be a partner in Ritz-Carlton Abama.
This luxury tourist resort consists of the five star Ritz-Carlton Abama hotel, and a residential development where there are plans for 128 villas and a 72 hole Abama Golf course, which belong to Tropicana Turista Canaria, the society by means of which the Polanco family controls the resort.