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Chinese Billionaire Buys Palma Hotel

According to its owner, Palma's Grupotel Valparaíso Palace & Spa has been sold to a Chinese group

According to its owner, Palma's Grupotel Valparaíso Palace & Spa has been sold to a Chinese group of companies owned by the world's richest man. It's reported that the Wanda Group have paid a 10% deposit to purchase the hotel at a price 'somewhere' between €40 and €55 million!

 

Built in 1974, the Five Star Valparaiso has been renovated and upgraded many times and seen some illustrious guests - Johnny Weissmuller, Henry Mancini, Peter Ustinov, Mohamed Ali and Michael Douglas – to name just a few. More recently, in 2010, Chinese Ex-President Xi Jinping stayed there with hotel and tourism specialists on a stopover en route to Angola and its thought that the Chinese set their sights on the hotel then.

It's not known if the new buyers will alter the hotel dramatically – it's thought that the style and design of the hotel appeals to Chinese tastes – but apparently it will be run by a third party and not the Wanda Group. Meanwhile the current owner Miquel Ramis will concentrate on his other business interests – hotels in Pollensa and a bodega near Inca.

Wanda is an enormous group of companies specialising in the property and leisure markets which owns commercial plazas, department stores, chains of cinemas worldwide, is involved in film and theatre productions and by 2015 will have a portfolio of 80 Five Star hotels, the largest in the world.

 

Its owner, Wang Jianlin, is reported to have a personal fortune of €16,000 MILLION and is one of the most powerful men in China outside the world of politics and recently met British Prime Minister David Cameron during a trade mission to that country. It seems that he's keen to invest in Spain as he says he likes the country very much and already has experts working on interesting projects in the luxury hotel sector!

It'll be interesting to see what happens in the near future with the Valparaiso, but only time will tell!

See more hotels in Palma here.