Palmira Hotels bought Hotel Madrigal to create a resort in Mallorca

Palmira Hotels bought Hotel Madrigal to create a resort in Mallorca

Hotel chain Palmira Hotels acquired Hotel Madrigal, inPaguera, Mallorca, from Hoteles Saint Michel. The family company will refurbish the building to reopen it in 2022. The establishment has 118 rooms and 4 stars, it will operate under the new brand and it will be converted into a resort.  

Project resort

The Carrasco family, owner of the chain, wants to unify the new asset to the Palmira Paradise, its asset located next door. The goal is for them to work as a resort, with a total of 269 rooms and 27.000 sqm available for their clients. The new project will  be called Hotel Palmira Paradise Resort.

Both hotels have 4 stars and that will also be the future complex’s category

The family chain, very focused on the Balearic Islands, had been divesting and investing  to specialise in the area. The last big operation was with German group  Alltours; in2015  when it sold two Palmira Hotels establishments in Mallorca, the Palmira Beach and the Palmira Cormorán, both with 4 stars and 246 and 150 rooms, resepectively.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!