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I went to Tenerife in December last year and ran this route, it's about 35 miles total and 14,000' up and down! I didn't get right to the top of Teide as the weather was horrendous - it was a whiteout and very dangerous with snow and ice, you shouldn't have that problem for the race.
tenerife is a trail running paradise, the Anaga mountains and Masca gorge are also worth doing.
As far as the route goes, well - it's 17.5 miles up, then 17.5 miles down! The first 10 miles or-so is through forests, and trails with a bit of road at the start. Then you hit Teide and it gets more barren and volcanic... There's nothing super-steep or technical , it's more of a long, long climb/descent. Your quads will be screaming by the end!
I hiked most of it and it took around 15 hours, but I wasn't pushing the pace and stopping a lot for photos. You go up to 14,000' which if you're not used to altitude will start hurting at around 8,000'
it's fun - though I wouldn't pay to race it, (and I didn't) for around half the price of the 0-4-0 I got a weeks holiday, with car hire, flights, hotel etc... Depends on your motivation for doing an trail like this...
This was my GPS track, a beautiful elevation profile
Looks like it only took 14 hours and was a mere 12,000' of ascent... Easy, peasy
And some photos to give you an idea of what it's like!
The top of the initial climb through the forests to about 8,000' - above cloud level
That's Teide and where you're heading, (about 5 miles and 4,000' to go)
Near the summit - maybe not this bad on race day
Turning back 400m from the summit