Genova Property Group sells two luxury hotels in Palma de Mallorca for €35M

Genova Property Group sells two luxury hotels in Palma de Mallorca for €35M
Concepció by Nobis, Palma de Mallorca

The international real estate consultancy Savills has closed the sale process of two luxury boutique hotels owned by Genova Property Group and located in Palma de Mallorca. Both properties have a five-star category, are leased to Nobis Hospitality Group and have a total of 68 rooms and approximately 5,300 sqm. The transaction has reached a volume of 35 million euros.

The assets, buildings of great historical and architectural value, are located in the heart of Palma's historic centre. Concepció by Nobis, which opened its doors in June 2021, occupies a former mansion in which historical elements are intertwined with contemporary luxury. It has a total of 31 rooms, bar, restaurant, terrace, two meeting rooms, sauna, gym and outdoor swimming pool.

Nobis Hotel Palma, inaugurated this October after a thorough refurbishment, was formerly a ballroom dating back to Moorish times and now carefully preserves a number of historical and decorative elements that have been maintained to preserve its cultural heritage. The hotel has 37 rooms, two restaurants, cocktail bar, rooftop terrace with panoramic views, two meeting rooms, spa and gym, providing guests with a first class accommodation experience.

Nobis Hospitality Group is a specialist luxury operator known for its flagship Hotel Stockholm. The group manages a total of 9 hotels in different locations, including Sweden, Denmark and Spain.

Javier Oroz, director of hotels at Savills, explains that "Nobis Palma and Concepció are two of the best hotel assets in the city of Palma, thanks to their location, real estate value and boutique luxury commercial positioning. Despite the existing macroeconomic difficulties, there continues to be a high appetite from investors in the hotel market, and more specifically in the luxury segment in consolidated leisure destinations".

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