Marbella will see a new luxury hotel and villa complex built right on the beachfront in a project costing €200 million.
The Platinum Estates group, an investment fund based in Hong Kong, purchased 170,000 square metres of land in the coastal part of Las Chapas, Marbella.
The resort will sit alongside the stunning sand dunes, in a location considered to be one of the most important natural areas of Marbella.
The group has already purchased 600 metres of beachfront in a sale costing €50 million; another €150 million has been budgeted for the development of the hotel project.
The luxury hotel will be by one of the biggest hotel chains in the world but due to a confidentiality clause in the contract the name of the chain cannot yet be revealed.
As well as a five star hotel the complex will also include 120 luxury villas. The architectural style of the resort will be typically Mediterranean with a central square surrounded by high end shops, fine dining eateries and will even feature an exclusive beach club.
The group plans to start the first stages of the project within the next few months and will be the most luxurious resort in Spain, according to Juan Luis Segalerva, a member of Platinum in Spain.
Marbella has remained a strong area for investment, even after the recent annulment of the PGOU (town planning regulations). When the three rulings were handed down by the Supreme Court plans for the resort were in its final stages, leaving investors unsure of its future and whether such a project would be viable. But the land was listed as suitable for building on in the PGOU 1986, which Marbella has had to honour. With the complete support of the town hall the sale of the land went ahead and initial development plans should be drawn up by January.
The resort will be Platinum Estates 6th Spanish investment project but the first outside of Madrid and Barcelona.
Source SUR IN INGLES