Fresh funds. Around 50 million Euros. A Chinese businessman is ready to pay that amount for becoming the new owner of the Hotel Valparaiso in Majorca, currently belonging to the Majorcan hotel group Grupotel. By now, the purchaser has disembursed a 10% token, that will allow the company to execute the acquisition by March 2014.
(…) The five-star hotel of Grupotel is very closely located to the royal complex Palacio de Marivent and consists of 174 rooms, 9 conference rooms, 2.800 square meters of SPA area and two outdoor swimming pools.
Purchase of the Hotel Valparaiso for 50 million Euros sets the price per room at amost 275.000 Euros. Compared to other transactions of the five-star-hotel type, the price is well over the average. The one of the Hotel Intercontinental in Madrid might serve as an example.
(…) Grupotel, founded by Miguel Ramis, but run now by his daughter Margalida Ramis, is the leader in hotel sector on the islands, with 32 hotels situated in Majorca, Ibiza and Formentera, outrunning giants like Riu, Meliá, Iberostar, Barceló or Viva.
Chinese money flowing in Majorca is not a plot of coincidence. China sees in Spanish hotel industry a strategical sector to aim at (…). The way has been already paved by Chinese group HNA that has been seriously interested in a Spanish chain, the NH Hoteles, ending up as its shareholder with 20%. (…).
Source: El Confidencial