The acquired Hotel is the Valparaiso, an establishment of 2,400 m2, on a plot of 4,400 m2, located on the forefront in Cala Murada, Manacor (Mallorca).
It’s the sixth asset of Elaia Investment Spain in the Balearic Islands. The hotel has 48 rooms, swimming pools, solarium, spa, gym and a restaurant with sea views. The asset is located to the east of the island on a cliff 17 km from the underground lake of the Cuevas del Drach and 3.5 nautical miles from Portocolom.
In the context of the operation, it’s expected the hotel to expand with four additional rooms. After the minor expansion and reconditioning works, that it plans to undertake in 2018, Petit Palace Hotels will continue with the operation of the hotel, with a total of 52 rooms with category 4 stars.
The operation includes the signing of a long-term lease agreement with the hotel group that, in this way, begins its association with EIS in Spain and opens its first beach hotel under the brand Petit Palace.
