The Barceló Formentor will be a Four Seasons for 165 million euros, the largest hotel sale of the year

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The Barcelo Group has just sold the historic Formentor hotel, on the island of Mallorca, to the Andorran fund Emin Capital for 165 million euros, in what is the biggest sale of the year for a hotel in Spain. The group co-chaired by Simón Pedro Barceló has not taken long to unlink the operation from the Covid crisis, since it was almost closed since 2019, although they did not stop leaving interested in its acquisition.

It was after the crash of 29 when the Argentine billionaire Adan Diehl It occurred to him to set up the establishment in a secluded, wooded area of ​​the bay of Pollença, which ended up becoming a refuge for the jet set and personalities of the stature of Chaplin, Winston Churchill (one of the suites is dedicated to him), Grace Kelly, he Dalai Lama, Lawrence Olivier O Audrey Hepburn. Mario Vargas Llosa he recognized that during his stay in the establishment he was inspired to write part of one of his novels.

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The Barceló Group acquired the 127-room hotel in 2006 for 36 million euros, and christened it Royal Hideway Formentor de Mallorca. In addition to the establishment there is a 1,200-square-meter farm, a vineyard, and a hunting ground. Now, with the help of Emin Capital, it will become a Four Seasons after executing a major reform after which it plans to reopen its doors in 2023, as the most luxurious hotel in the Mediterranean.

One of the keys to the moment of the operation was precisely the obtaining of the renovation license by the Pollença City Council.

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Thus, the Canadian chain acquires for the first time an establishment on the Spanish coast, after landing in Spain in September in Madrid in Canalejas, which reaffirms its good medium-term forecasts for the sector in our country, at a time when that dozens of businessmen in our country have decided to put their assets up for sale after the coronavirus crisis. Meanwhile, Barceló sets foot in the Maldives and Sri Lanka, and dumps its jewel in the crown in Spain.

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