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Baraka to Invest Nearly €20 Million to Acquire and Convert the Cinema Ideal into a 4-Star Hotel

8 November 2019 – Baraka is planning to convert the former Cinema Ideal in Alicante into a four-star hotel in a total investment of nearly twenty million euros. The firm is negotiating to buy the property from its current owners for approximately €6 million and to invest another 13 million euros in the renovation.

The firm is looking to convert the asset into a 60-room hotel, including a restaurant, gym and lounge bar. Baraka hopes to inaugurate the hotel in 2022. NH has agreed to operate the unit under its NH Collection brand during a 20-year lease.

Original Story: Alicante Plaza – Raúl Navarro

Adaptation/Translation: Richard D. K. Turner