Following in the footsteps of the national government and public administrations, Barceló is selling its buildings in order to balance its budget. The Spanish hotel group is in negotiations to sell a complex in the Canary Islands for 200 million euros.
The company does not want to leave the region entirely. 84% of the hotels on the Canary Islands are owned by Barceló, and the company wants to run them through rental or management contracts.
This is a smart strategy that will allow the company to pare down over a billion euros in debt and raise the cash it needs to make new investments that increase its presence in key international zones in Europe, North Africa and Latin America.
