Tremón Wants To Invest €300M In Málaga’s Tívoli Amusement Park

13 March 2017 – Diario Sur

The real estate group Tremón is planning to modernise the mythical Tívoli amusement park in Benalmádena, and develop the surrounding area into a retail and leisure complex. The Madrilenian company is looking to create a complex covering more than 152,000 m2, which will include two retail areas to the east of the amusement park, a green space and an underground car park with 2,000 spaces.

The plans, which would involve the transformation of Arroyo de la Miel, would see more than 57,000 m2 of land being dedicated to retail use, a hypermarket, several cinema screens, three office buildings, an auditorium and a hotel. The space dedicated to Tívoli would not change, but the park would be subjected to a comprehensive remodelling process involving the installation of 43 attractions including a space for demonstrating extreme tricks and an artificial snow dome, which would take up almost all of the southern area. The complex, presented as a large theme park, retail and leisure centre, would retain the Tívoli name.

Until now, the ownership of the amusement park has represented the main obstacle preventing this project from being carried out. Tremón bought Tívoli from the businessman Rafael Gómez, known as Sandokán and owner of the company Arenal 2000, in a huge operation that included the sale of 7 million m2 of land spread over thirty-odd properties across Andalucía.

Nevertheless, Gómez claimed that the purchase had not been completed and took the matter to the court for alleged non-payment. That situation led to the paradox that the ownership of Tívoli belonged to Tremón, but the park was still managed by a company linked to the Cordoban businessman, who was recently sentenced to five years in prison for crimes against the Tax Authorities.

According to sources in the know, Tremón has expressed its willingness to go ahead with the project, committing investment of more than €300 million, as soon as the tortuous legal process with Sandokán has come to an end. The proposal has convinced the Town Hall of Benalmádena, which is keen to expedite the administrative process on the basis that the creation of jobs and the economic impact of the complex would constitute a unique opportunity to reactivate the commercial fabric of Arroyo de la Miel. In addition, the Town Hall will pocket a huge amount of money for granting building permits and other tax revenues, which will breathe life into the very empty municipal coffers. (…).

The project would create more than 1,600 direct jobs during the construction phase, which would last for two years, and another 3,300 jobs once operational. (…).

Original story: Diario Sur (by Alberto Gómez)

Translation: Carmel Drake

Marina d’Or – A Future Without Apartments?

22 August 2016 – Expansión

The voice of a child saying “Marina d’Or, how cool” has become one of the unmistakable signs of summer. Jesús Ger, the founder and owner of the popular Marina d’Or complex in Oropesa del Mar (Castellón) is still using the same advert year after year, however his business nowadays is very different from the real estate giant whose name used to be synonymous with holiday apartments for most Spaniards.

Today, Marina d’Or is trying to shake off any association with real estate to convey an image of a pure tourism company. Ger launched this strategy during the years of the financial crisis, when he undertook a major restructuring of his companies with one clear purpose: to build a firewall to prevent the real estate fire from spreading to his holiday city.

The holding company is now divided into four main companies. On the one hand, Hoteles Marina d’Or, the company that operates the five hotels, eight amusement parks and some of the catering establishments and other services at the complex in Oropesa. This company is also responsible for the resort’s marketing campaigns and runs the rental of holiday homes, although many of those are now owned by the banks that financed them.

The excellent evolution of the tourist industry has given Hoteles Marina d’Or a break, such that it is now enjoying high occupancy rates this summer. Sources at the group explain that turnover in July exceeded the amount recorded during the same month last year. Nevertheless, the figures and returns from this business, with revenues of €38 million and profit of €600,000 last year, are well below the €450 million invoiced by the holding in its heyday.

Legal obstacles

The asset that was going to be the great jewel in the group’s crown for the next two decades, Marina d’Or Golf, the urban macro-plan measuring 18 million m2, a few kilometres away from the coast in Oropesa, was transferred to another company, Promociones PAI Gold. This project, which has been on hold for years, has been revived in the media from time to time when potential investors express interest in the facilities.

This last happened at the end of 2015, when a Chinese newspaper reported that Wanda was planning to invest €1,200 million. (…). Sources at the Castellón-based group say that the search for partners continues, but it is a very slow and discrete process. (…).

Original story: Expansión (by A.C.A.)

Translation: Carmel Drake