American private investment firm Starwood Capital Group has entered an agreement to acquire the 420-room Iberostar Las Dalias, Costa Adeje in Tenerife in the Canary Islands, from Spanish tourism company and hotel group Iberostar Group, for a reported price of around €100 million (€238,000 per room), on a sale and leaseback basis. The four-star property, just recently re-opened after refurbishment, is to be acquired by Starwood’s unlisted REIT, Starwood Real Estate Income Trust, representing the REIT’s second European leasehold investment, and first in Spain.
