Sol Melia may sell Canary Island hotel

Spanish hotel chain Sol Melia SA is in advanced talks over the sale of its Sol Melia Tamarindos hotel in Gran Canaria, the Canary Islands.

The cost is likely to be over 50 million euros, La Gaceta de los Negocios reported, citing unnamed sources close to the operation.

The sale is part of Sol Melia’s asset rotation plan, which in the Canary Islands includes plans to invest more heavily in Tenerife, where the hotel chain is currently building a luxury hotel for over 100 million euros.