Cabildo open to receiving tenders for the rental of the Taoro hotel

El Cabildo of Tenerife will put out to tender in May the lease of the  Taoro hotel Puerto de La Cruz. The idea is to transform the unit onto one with five stars, at a minimum investment of  €15.3M.  

Following a process similar to the Mencey hotel, the president of the  Cabildo, Carlos Alonso, announced in a press conference the extraordinary adoption of the tender process of the Taoro hotel, together with a plot of land granted by the Port Junta. 

According to Spanish Real Estate, the lease will be for 40 years at an annual rate of  941,000 euros, and the the lease giver would need a minimum investment of 15.3 million euros. Cabildo is offering 80% compensation of the initial investment, and up to a maximum of  18.8 million euros, by  absolving  the payment of the annual fee until these costs are covered, a period of some 20 years. 

The hotel is to have a minimum of 504 beds and will be classified as five stars, in spite of this usage not being obligatory as part of this tender.