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| The pioneering Don Miguel has been closed for eight years |
The Mayor of Marbella Angels Muñoz has welcomed the news of the purchase of Marbella’s emblematic Hotel Don Miguel, which has been closed since 2004.
Muñoz described the news of the purchase as “excellent” making particular reference to the fact an agreement has been reached with the 81 former workers at the hotel who after an eight year battle will finally be paid outstanding wages.
Another boost for Marbella property market
An Arab group based in Luxembourg, Fundación Magna Invest, through its Spanish subsidiary Magna Hotels and Resorts, bought Don Miguel, one of the pioneering hotels of the Costa del Sol’s in its heyday.Now the new owners want to return the former 4-star Don Miguel to its former glory as luxury 5-star hotel, via a refurbishment which is expected to last two years.
Don Miguel Hotel stands on a 70,000 square metre plot which includes a large tropical garden. Among the hotel’s 550 rooms feature 32 suites, 28 conference rooms, five restaurants, four swimming pools, 15 tennis courts and new spaces for an artificial lake and waterfalls, a spa, and fitness and disco are all to be added.
Muñoz noted this was the first establishment to close because of the “crisis”, and adding that its recovery is “key for the recovery of Marbella” saying it will bring credibility and confidence to the town’.
Alan Wentworth-Harley, CEO of leading luxury property company One Marbella said: “This is not only good news for the 81 workers but the town hall predicts it will result in a further 500 direct jobs once the hotel opens.”
“News such as this carries many positive connotations,” explained One Marbella’s Alan Wentworth-Harley. “It sends out a message that foreign investors are once again putting their trust in Marbella, something which has a knock-on effect to the property prices,” he said.
The unique combination of historically low property prices combined with growing interest from outside buyers from Russia, Northern Europe or the Arab states points to a decline in falling property prices and the inevitable rise.
“The key,” One Marbella’s Alan Wentworth-Harley believes, “ is to buy before the prices start to increase again. There are some incredible property deals in Marbella and surrounding areas at the moment.”
For example One Marbella has recently come across a stunning detached villa in the highly sought after la Quinta Golf area which has been reduced by €300,000 to €1.2 million.
“But you don’t have to be a millionaire to live the luxury lifestyle and own your dream home,” explains” Alan Wentworth-Harley from One Marbella.
“There are properties available to suit every budget.”
For more information about One Marbella’s amazing portfolio of luxury properties email info@one-marbella.com or call +34 952 905 100.
Photo: Don Miguel Hotel - Archive Photo