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News from the financial sectors in Spain and the Canary Islands
   News from the financial sectors in Spain and the Canary Islands

Investment
Hotel building suspended
The likely legal battle over the Canaries' controversial Tourism Law has reportedly prompted two major foreign investors to put plans to build two 5-star hotels in Tenerife temporarily on hold.


line
30.03.2014 - According to a senior Cabildo official quoted in the local Spanish media, the plans for the two plush hotels (in Guía de Isora and Adeje) have been halted for the moment until the situation regarding the Tourism Law's ban on the building of 3- and 4-star hotels in the Canaries is clarified by the courts.  The ban, which is designed to improve the quality of the hotel sector here by allowing only top-end new hotels and the upgrading of existing lower-category ones to 5-star standard, is a source of conflict between the Canarian government and the Spanish authorities, who feel it is unwarranted and intend to challenge its legality in the Constitutional Court.  News of the challenge and the likelihood that the controversial provision may be overturned have forced the unnamed investors to think twice about proceeding with their plans until the picture becomes clearer.

 



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