Hotel Formentor sells €165m
Hotel Formentor in Pollensa has been sold to the United States fund Emin Capital. Construction work is set to start this year & once finished, the hotel will be run by the Four Seasons Hotel Group.
Whilst many hotels on the island are closed due to the Covid pandemic, investors & hotel groups are currently on the hunt for hotels to buy, notably Apple Leisure.
In a bid to revitalise tourism, recent laws have allowed hotels to expand by 15% without adding additional rooms. So far, 12 hotels have applied for expansion.