Platinum Estates to develop Marbella W Hotel

George Sell George Sell Uploaded 31 March 2017

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Spain: Hong Kong family office Platinum Estates has announced its third luxury hotel project in Spain.

The company will develop a property in Marbella as part of a strategy to tap in to the surge in Chinese tourists to the country. The five-star hotel, flagged with Marriott's W Hotel brand, will open in 2021 on the beachfront in Marbella.

Platinum Estates acquired the 170,000 square metre plot of land at the end of 2015 in order to develop it into a luxury resort, with a 200 bedroom hotel and around 100 residences comprising apartments and villas. The land cost was €50 million (US$54.3 million) and construction is expected to cost about €120 million.

The real estate investment firm led by Indian textile magnate Harry Mohinani has been focused on purchasing distressed real estate assets and adding value to them.

"Marbella is like the central bay of Spain. There hasn't been a new five star hotel built in the last 15 years so the market is crying out for something new," Mohinani said. "There is a gap and we would like to fill the gap."

Besides Marbella, the family also owns residential and hotel assets in Madrid and Barcelona, including Hotel Asturias Madrid, which will be converted into another W Hotel set to open in 2019.

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