Grupo Fuertes and Magic Costa Blanca have teamed up to acquire the Marina d'Or tourist complex, from American investment fund Farallon Capital Management.
Located in Oropesa del Mar in the Castellón province of Valencia, the holiday resort currently offers seven amusement parks including a water park, a seawater spa, swimming pools, sports & fitness areas, and over 100 outlets and restaurants.
Grupo Fuertes and Magic Costa Blanca plan to relaunch the asset under a new tourism concept, noting the aim is to place it among the best holiday complexes in Europe. The operation is awaiting authorization from the National Markets and Competition Commission.
Grupo Fuertes and Magic Costa Blanca have retained Garrigues and Rosillo Rein, as legal and real estate advisor respectively.
Why it matters
The purchase, refurbishment and relaunch of the tourist complex has the potential to significantly boost the local tourism sector and improve investor interest in the area, as attention continues to expand towards paths somewhat less trodden.
Separately, Farallons’ sale of this asset follows its divestment of the five-star, 120 key Mandarin Oriental Hotel, Barcelona to Olayan Group in July this year, possibly indicating a strategic shift in Farallon's investment strategy.