29 May 2017 – Expansión
The German Group 12.18. Investment Management, which specialises in hotel and vacation investments, has arrived in Spain with its first luxury resort, in Ibiza, where it has invested €74 million. The complex, which will operate under the Seven Pines brand, will open its doors in October and will be operational for twelve months of the year.
The resort has 418 beds distributed across two villas and 195 suites, with prices ranging from €230 to €3,000, depending on the season and the occupancy rate. The group estimates that it will generate turnover of €15 million from the complex during its first year of operation and will achieve annual growth of 5% thereafter.
The company, which has an investment portfolio worth €250 million, made its first incursion into Spain at the beginning of 2014, with the purchase of a 3-star vacation complex in Ibiza, constructed in 1970, which it has completely renovated. In addition, 12.18. owns a plot of land measuring 18,000 m2 in the north of Tenerife, which it plans to develop next year.
The German firm has highlighted its interest in strengthening its position in Spain and to that end, it is currently looking for opportunities in Barcelona, Mallorca and Marbella.
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake