Alhambra Palace on the Golden Mile, Marbella Opportunity for Hotel Conversion

Location: Near Neighbours to Marbella Club and Puente Romano, on the “Golden Mile” NOT on the Beach/Coastline

Name: Alhambra Palace Marbella…can be renamed

Guide Price: Investment: €78m for the land…€40m Budget to Build

No. of Keys: To be Built: Upto 180 Keys plus 40 Villas 

The Opportunity: This development opportunity is to create a luxury Hotel Resort and Spa, to be managed by a global hotel brand. The developers envisage forty, 850 sqm Villas/Residences as well as the one hundred and eighty, 43 sqm room, five-star hotel. The land surface is 78,000 sqm.

The Palace was built by a Middle-Eastern owner, who used it as residence, partially refurbished it over the past few years, and in essence would be a blank canvas for the new owner.

Two neighbouring projects currently underway are the 120-room, 300,000 sqm Four Seasons Spa Hotel & Residences and the 240-room, 98,000 sqm W Hotel Marbella & Residences, both due to open in 2022 and just 12-15 km away from Alhambra Palace.

The owner is seeking an Investor to purchase the land and take on the development as a hotel, residential or mixed development.

If the developer does not want to undertake the residential development, the owner will sell independently the residential development and set up a master plan for a combined development….or the owner’s agent will provide an option of trusted developers to build the hotel as a turnkey for an specific Hotel Operating Company, on a pre-agreed lease basis.

It is envisaged that the hotel will supply catering services to the villa/residence buyers and offer a letting service as required.

The Golden Mile is one of the most luxurious residential areas in Marbella, which lies to the west of the resort along the Mediterranean coast. It stretches for more like 4 miles (6.4km) from Puerto Banus in the west to the edge of the centre of Marbella in the east.

The best word to describe the Golden Mile in Marbella is luxury. Here you’ll find the best hotels in Marbella, some of the resort’s most expensive properties, lots of tropical gardens, exclusive restaurants and shops, and probably the nicest seafront promenade on the Costa del Sol.

High-end tourism in Marbella began on the Golden Mile when Prince Alfonso von Hohenlohe opened the Marbella Club Hotel in 1954. A long list of celebrities and royalty began to visit Marbella and many built or purchased property in the area around Marbella Club. These glamourous residences gave their name to the Golden Mile. Over 60 years later, the area continues to attract la crème de la crème from high society and some of the world’s rich and famous have homes here.

The area closest to Puerto Banus is made up of several developments including Rio Verde, home to several new property projects; Urb Ancón where you’ll find Victor’s Beach, one of the most famous beach bars on the Costa del Sol; and El Oasis with several apartment complexes and a shopping centre.

To the north of this section of the Golden Mile is the world-famous Olivia Valere nightclub plus two popular establishments for higher education – Les Roches International School of Hotel Management and the American College of Marbella.

The section between El Ancón and Marbella houses some of the most luxurious properties and hotels on the Costa del Sol. The most prestigious of the 5-star hotels in Marbella are located here: Puente Romano and Marbella Club. Both have exceptional facilities including beach clubs, spas and Mediterranean gardens. Puente Romano is also home to the renowned Puente Romano Tennis Club that hosts world-class tournaments and in the summer, concerts and events. Marina Puente Romano offers high-end frontline beach apartments in landscaped Japanese and Persian gardens.

Michelin-star holder Dani García owns two restaurants on the Golden Mile – Dani García Restaurante and Bibo, both at Puente Romano Hotel. He plans to open a third in the area in summer 2017. There are several other good restaurants here including Villa Tiberio, one of the oldest on the Costa del Sol. Trocadero Playa, one of the best beach restaurants in Marbella, is also located here.

Several exclusive property developments lie to the north of the Golden Mile, which is where Alhambra is located. These include Hacienda Nagueles, a development combining apartments, townhouses and villas. Sierra Blanca, slightly further north and in the foothills of La Concha, Marbella’s emblematic mountain peak, has several high-end apartment complexes and large villa properties. The Buchinger-Wilhelmi Clinic, the world-famous fasting clinic is also in Sierra Blanca.

The Golden Mile is around 54km from Malaga Airport and the drive takes just 45 minutes.

Main Picture: The site as is

Current Owner: Middle-Eastern owner

Flag and Management: Free to new owner

Tenure: Freehold

Agent: Local agent in partnership with THPT

Guide Price: €78m for the land…a further €40m to build out

Date Posted: January 2021

THPT Comment: Unique opportunity to secure this 78,000 sqm mixed-use development, with planning consents a given (we are told!)….in a part of Marbella where this size of property is just not available…three years to build out.

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