Spanish property investor checks in to Mallorca hotel

Aerial photograph of the three beaches of Paguera and their skykine, on a sunny summer day.
Aerial photograph of the three beaches of Paguera and their skykine, on a sunny summer day. (Fernando Bosch Alorda/Getty Images)

Insight Comment
Spain hasn't always been associated with ultra luxury resorts but times are changing and investors clearly see gap at upper end of the market.

Blasson Property Investments has bought the Punta Negra Hotel, located in Costa d'en Blanes (Calviá) in the island of Mallorca.

This is the fund manager’s first investment in Spain and will total €180 million and includes both the purchase of the asset and the necessary capex to be deployed when repositioning the hotel in the 5* luxury segment.

Blasson, which raised funds from family offices and Latin American investors, is looking for a brands such as Rosewood or Mandarin Oriental to run the asset. It is currently operated by H10.

The resort comprises 135 rooms across three buildings with several bungalows, currently occupying an area of more than 28,000 sq m.

What They Said

Laura Hernando, managing director of Hotels at Colliers and responsible for the transaction, said: "Without a doubt, this transaction marks a milestone in the Spanish hotel sector, which takes another step towards gaining a strong positioning in the ultra-luxury segment. During the months in which this transaction has been conceived, we have been closely following the behavior of hotel establishments of this sort throughout the Mediterranean, and the figures achieved, despite the limitations of the pandemic, are surprising. They show the greater resilience of top-class hotels flagged by major international brands.”