Investment on Mallorca to become even more attractive!
Balearic Properties are delighted with the news that finally popular tourist resorts, such as the Playa de Palma, are going to enjoy the benefit of serious investments to up-grade their image. Mallorcan authorities have long been discussing plans to revamp major resorts and it seems that the big hotel groups are willing to join ranks in this effort. If everything goes to plan, the Playa de Palma will have 3 five star hotels and a new four star. The completion of this ambitious plan to renovate and improve tourism facilities and attractions plus the image of the resort should be completed before the summer of 2016! According to reports already published, the total investment to make this possible is in the whereabouts of 120 million Euros – coming from the private hotel sector.
Palma City Council and the departments of Tourism have expressed their satisfaction with the initiatives taken by the private sector in promoting and developing the area, praising the quality of the projects and what it will represent to the local community in terms of image and trade development. Construction work is now only pending the completion of a series of urban development plans and the approval of a full Playa de Palma reform plan.
One of the hotels that has already been completely refurbished is one of the “classics” of the Playa de Palma, the hotel San Francisco, which opened in 1953 is now basking in new splendor. Juan Riu laid the foundation for the Mallorcan hotel and tourism RIU group with the purchase of this small hostel San Francisco (then 80 beds). Last winter the hotel was renovated and remodeled at a cost of some eight million Euros. The group is undertaking more modernisations of their establishments and Juan Riu’s granddaughter, Carmen, was quoted in one newspaper as being convinced that within the next few years, the whole area will have completed a metamorphosis.
The region will then boast more state-of-the-art establishments and the general revamp of this area will in turn attract more investors who will feel even more confident that their money is well spent in Mallorca! Property owners in this region will be delighted that one of the major beach areas is being up-graded; this will ultimately attract a different kind of holiday-maker. Improved facilities will be a benefit to all, the visitors and the owners of properties, who will find that the value of their homes will rise as the area becomes more attractive.
We at Balearic-Properties.com® are always up-to-date with the island news and we are delighted to inform our clients and friends about any exciting developments on Mallorca. Check out this glamorous property, become the proud owner of a fabulous apartment with stunning sea views close to this up and coming region: