Big investment in Magalluf.

Big investment in Magalluf.

Jason Moore02/05/2024 13:00
TW
0

The owners of current European and Premier League champions, Manchester City, have taken a controlling stake in some of the leading hotels in Magalluf. The Abu Dhabi United Group, one of the biggest investment groups in the world, has taken a 51 percent stake in Melia Hotels in Magalluf. The deal is estimated to be worth about 250 million euros.

The Palma-based Melia will retain the other 49 percent. It is one of the biggest foreign investment deals on the island, according to some sources. Melia is the leading hotel group in the Palmanova and Magalluf areas. Financial experts have said that the deal is not only good for both companies but for Magalluf as well.

The primary interest of the investment group is its 81% majority ownership of City Football Group, a worldwide organisation most notably controlling Manchester City, Mumbai City, Melbourne City and New York City, as well as several other international football clubs. However, it also holds interests in various other endeavours outside of the sporting world with an extensive property portfolio in the United Arab Emirates and Manchester.

The Melia Group and tennis ace Rafa Nadal own the Zel hotel in Palmanova which was opened in the summer of last year. The Melia Group is one of the biggest hotel chains in the world with a presence in many leading cities.