Canarian Hotel group in pre-bankruptcy puts its 6 hotels in the islands up for sale

Update 4 March: Nueva Rumasa has put its six hotels in the Canaries up for sale. The hotels belong to the Hotasa Group, a part of the overall corporation which is currently in pre-bankruptcy stage. British international consultants Christie have been contracted as adviser to the sale, which also includes the groups other hotels in Spain, namely seven in the Balearics, and two in Andalucía. The company said that all the hotels are profitable, and that the 1,100 strong workforce is satisfied with the process. Union sources say that the hotels are currently operating normally and that employees are being paid without delays. El Dia

Original post 18 February: It’s difficult to know exactly what effect this will have in Tenerife, but Nueva Rumasa, a large holding company of ten further companies, has just applied for solvency protection under bankruptcy laws which allow firms in trouble four months grace to pay creditors (including in this case banks and social security) and avoid bankruptcy.

One of Nueva Rumasa’s ten companies is Hotasa Hoteles, which has eight hotels in the Canaries. Five of them are in Tenerife. One is the 4* Lagos del César in Santiago del Teide. The other four are in Puerto de la Cruz: the 4* Resort Bonanza Palace, Canarife Palace, and Hotel Interpalace, and the 5* Gran Hotel Semíramis. Apart from more general considerations, this is the last thing Puerto de la Cruz needs. PV