In August, Strong Group (Hole) reported a forthcoming sale involving the Costa Blanca region and the Marina d’Or tourism complex, one of Europe’s most recognizable holiday destinations. The Murcian company did not confirm the deal until late September, and this week Grupo Fuertes and Magic Costa Blanca finalized the acquisition with the American investment fund Farallon Capital Management LLC as owner.
Going forward, hotel management for the operation will be handled by the Magic Costa Blanca chain, while Fuertes will oversee business management and provide support. Both parties hold an equal 50 percent stake in the property located in Oropesa del Mar, Castellón.
What Marina d’Or will be like now
The plan is to transform Marina d’Or into one of the premier holiday destinations, reviving a new tourism concept for European travelers, with emphasis on renewed experiences at the Alhama de Murcia location. In early October, the National Markets and Competition Commission CNMC approved the sale after Farallon agreed to purchase the facility’s bank debt for more than 100 million euros.
The complex features more than 500,000 square meters of green space along the Mediterranean coast, and the Murcian company’s hotel division is expanding its footprint. Earlier, in February, the Arch of San Juan de Murcia reached a deal to convert the site into a five-star hotel, with an agreement to have Barceló group manage the facilities in the region and in Alicante.
The Murcian holding group comprises more than 20 different companies, mainly operating in agri-food, real estate, and hotel sectors. It employs more than 8,700 people and has a business volume exceeding 2.3 billion euros. In this instance, the total cost of the transaction has not been disclosed. [CNMC approval][Farallon debt purchase]