The two companies, via their real estate hospitality joint venture, have acquired the Palladium Hotel Don Carlos in the coastal town of Santa Eulalia del Rio, Ibiza.
The four-star hotel has 168 rooms, 32 of which are suites, and is located 20 minutes’ drive from Ibiza airport. The seafront location has direct beach access and is surrounded by mountains, a lush pine forest and the Santa Eulalia river. It has excellent facilities including two restaurants, a bar, gym and a large 250sq m swimming pool.
The JV plans to reposition the hotel towards a lifestyle concept, opening up the communal areas towards the sea and establishing innovative dining options. Palladium Hotel Group will continue to manage the hotel until the end of the 2022 season, when the renovation of the hotel and management by a new operator will begin.
This is the JV’s third acquisition in 2022 following the purchase of Hotel Los Monteros SPA & Golf Resort in Marbella and Hotel Mimic in Barcelona. Last year the JV acquired the Andalucía Plaza hotel complex in the heart of Puerto Banús, Marbella, which is currently undergoing a complete transformation to convert the site into a Hard Rock Hotel.
