Genova Property sells two luxury hotels in Palma de Mallorca

Swedish-headquartered Genova Property Group has sold two luxury boutique hotels located in Palma de Mallorca for €35 mln.

Both properties are five-star establishments, leased to the Nobis Hospitality Group, and comprise a total of 68 rooms over approximately 5,300 m2.

Genova Property Group acquired the vacant properties in 2016 and has since repositioned them as five-star hotels, with the first one opening in June 2021 and the second in the current year.

The architecturally significant assets are located in the heart of the historic centre of Palma. Concepció by Nobis, which opened its doors in June 2021, occupies a former mansion and features a total of 31 rooms, a bar, restaurant, terrace, two meeting rooms, sauna, gym, and an outdoor pool.

Nobis Hotel Palma, inaugurated this October after an extensive renovation, was formerly a Moorish-era ballroom, and preserves a range of historical and decorative elements to maintain its cultural heritage. The hotel offers 37 rooms, two restaurants, a cocktail bar, a rooftop with panoramic views, two meeting rooms, a spa, and a gym, providing guests with a top-tier accommodation experience.

Javier Oroz, Director of Hotels at Savills Spain said: 'Nobis Palma and Concepció are among the finest hotel assets in the city of Palma, thanks to their location, real estate value, and their boutique luxury commercial positioning.

'Despite the existing macroeconomic challenges, there continues to be strong investor appetite in the hotel market, particularly in the luxury segment in established leisure destinations.'

Nobis Hospitality Group is a luxury-focused operator renowned for its flagship property, the Hotel Stockholm. The group manages a total of 9 hotels in various locations, including Sweden, Denmark, and Spain.

International real estate advisor Savills was responsible for the sale process of the two properties.


Latest news

Best read stories