Madrid’s loss could be the Costa del Sol’s gain
Oriental magnate Wang Jianlin appears to have changed his sights to the south coast having pulled out of a luxury hotel investment at the iconic Edificio España construction in Madrid after becoming frustrated by foot-dragging at the town hall.
Representatives of the Wanda group – owned by Jianlin– have visited the Villa Padierna resort in Benahavis for talks, reported Spanish daily newspaper Diario Sur, although there is currently no suggestion that the high-end five star development, where American First Lady Michelle Obama stayted, is on the market.
What is clear is that Wanda executives met with representatives from the real-estate and vacation sectors, possibly a signal that the area is a goal for investment for the company. This may turn out to be quite significant as Wanda often spends amounts running in to the billions on long term projects.
Wanda Sets Sights on Marbella
After running in to problems with Madrid City Hall the group, whose owner is recognized as the wealthiest man in China, had obtained Edificio España for 260,000€ with a view to converting it into a high-end hotel, but has now put the building up for sale. Wanda is now looking elsewhere for new projects. The Marbella area, using its international reputation as a luxury location, appears to be to be the ideal fit for the group, which owns 52 resorts around the world.
The groups interest in Benahavis is widely documented, having already entered into negotiations to obtain a business centre in the town. It could be expected that any move by Wanda to enter the luxurious resort market in the area would be of considerable significance as the group is not afraid of spending money, as evidenced by the 1.2 million euro offer currently being finalised to obtain a 75% stake in the Marina d’Or golfing resort in the Valencia region. The complex comprises five hotels, flats, and a theme-park.
€200m Deal in East Marbella
Should a transaction occur in the region it might signify yet another influx of funds from Asia, an ever more significant source of investment for the town. Indian magnate Roshni Mohinani has spent 50,000€ through his Hong-Kong based firm Platinum Estates to purchase an excellent sea-front plot with plans for a hotel and villas in Las Chapas that, once complete, will represent a total investment of 200 million euros.
Investing on this particular scale is evidence that the all-important factor of self-confidence is there in the real-estate and high-end hospitality sectors of the Costa del Sol and Marbella. This is a tendency we’ve experienced with increasing interest in high-end villas and apartments available for sale in the finest parts of Marbella within the last three years.
