Hotels

Barceló confirm that Formentor Hotel is to be sold

The Formentor Hotel on Pollensa Bay. | Archive

Majorca Daily Bulletin reporterPalma24/05/2020 13:45

The co-president of the Barceló Group, Simón Pedro Barceló, has confirmed that the Formentor Hotel will be sold in early December. "The purchase option made by a foreign investment fund has to be effected by 3 December. The offer has been made and despite what has happened this year with the Covid-19 crisis, the price that was agreed will not be renegotiated." In 2006, Barceló acquired the hotel for 70 million euros from the Buades family and the Costa i Llobera Foundation.

For reasons of confidentiality, Barceló has declined to speak about the offers, but it is understood that an investment fund linked to the Canadian Four Seasons Hotels & Resorts has shown a particular interest. Four Seasons had also shown an interest in 2006.

Barceló adds that the company has sufficient liquidity and is geared up for facing the future. "We are a healthy company. The situation is what it is and we do not need to make sales of any kind."

The purchase would include the hotel with its 127 rooms plus land of 1,200 hectares which includes vineyards and game. It is believed that the investors will want to reinforce the hotel's luxury image by specialising in thalassotherapy services (spa and all kinds of health treatments).

The hotel will open in June, with an initial focus being on a Majorcan clientele.