Meliá Calvia Beach in Magaluf Mallorca

Meliá Calvia Beach, one of the hotels in the operation. | A. Ginard

Andrew EdeCalvia03/02/2023 17:52
TW
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The Abu Dhabi Investment Authority (ADIA), the third largest sovereign wealth fund in the world, is currently finalising the acquisition of a 51% stake in Meliá Hotels International establishments in Magalluf.

El Confidencial suggests that negotiations are in a very advanced state and are for the Calvia Beach project that Meliá has developed in the resort. The operation is estimated to be worth some 250 million euros and will entail the buying-out of the 51% holding that is currently owned by the US Avenue Capital Group. Meliá will retain its 49% holding.

Meliá is at present "neither confirming nor denying" the operation, one which would consolidate ADIA's presence in the Spanish tourism market and which may also reinforce the efforts to reposition Magalluf as a quality tourist destination.