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We have performed an experimental and theoretical investigation on the spin reorientation transitions Ho$_{1-y}$Gd$_y$Al$_2$ compounds. Crystallographic, magnetic and calorimetric measurements have been performed for five selected samples in the Ho$_{1-y}$Gd$_y$Al$_2$ series ($y$ = 0, 0.25, 0.5, 0.75 and 1.0). From the results, a linear increase in the lattice parameter as a function of Gd-content ($x$) is observed. Magnetization measurements show that all samples present collinear ferromagnetism. Specific heat measurements were performed in order to detail the first-order spin reorientation transition (FOSRT) that appears for HoAl$_2$ around 20 K. Furthermore, we investigated how the increase in Gd content affects the character of such phase transition. Our results show a slightly modification in the spin reorientation transition temperature, which moves to lower temperatures as Gd is increased in HoAl$_2$, whereas for the selected concentrations up to x = 0.75 the first-order character of the transition is maintained. Such behavior may lead to a large refrigerant capacity (RC) over a wide temperature range, which is an important parameter to evaluate the magnetocaloric effect (MCE) of such compounds. The theoretical analysis by means of a model Hamiltonian that includes crystal field, exchange and Zeeman interactions reveals a modification in the crystal-field acting on Ho ions as Gd-content is increased.