FADESA and Globalia reach agreement to construct a series of hotel developments (ES)

The FADESA Group and Globalia Corporación Empresarial have signed a framework agreement which paves the way for the creation of a joint hotel management company in which both partners will have an equal 50% share, whilst also establishing that ownership of the hotels and tourist apartments as outlined in this agreement will be 90% FADESA and 10% Globalia.

The agreement initially covers three projects, situated in key tourist areas in Morocco and Spain: Saïdia, Ayamonte in the province of Huelva, and Fuerteventura.

In the case of Saïdia, the project refers to a hotel site which covers some 75.000 m², set in the tourist and residential resort known as Mediterrania Saïdia, which FADESA is building in the north of Morocco, across the Strait of Gibraltar from Almería, with a beach which stretches for 7 kilometres along the Mediterranean Sea. This is a resort which will feature accommodation for 16,000 tourists, split between four and five star hotels, as well as three golf courses, a marina, 17 beach clubs, shopping and leisure areas, a spa and a congress centre among other services, and approximately 3,000 homes, the first phase of which will be finished next year.

The presence of Globalia Corporación Empresarial in the Mediterrania Saïdia project represents the inclusion of an important tourism company, a key player on both the Spanish and international scenes, whose comprehensive tourism business - which includes air travel, package tours and travel agencies means an increase in the number of holiday makers, situating Mediterrania Saïdia as a veritable point of reference as a tourist destination.

The second hotel project covered by the agreement is situated in Ayamonte, in the Urbanization Costa Esuri Casas & Golf private estate, one of the most important residential and tourist developments on Andalusias western stretch of coast, built by FADESA and comprised of around 6,000 Mediterranean style homes and two 18 hole golf courses, as well as extensive commercial and leisure time areas. The finished hotel project will occupy a total area of 52,800 m².

Finally, the third development is the four star Aparthotel Janie Golf complex, situated in Morrojable, on the island of Fuerteventura. This establishment, which has been fully operational since July 2005, is comprised of 166 furnished apartments withal services provided set next to an 18 hole golf course.

With this agreement, FADESA and Globalia Corporación Empresarial will mutually benefit from each others experience, knowledge and specialisation in all three projects. To this end, FADESA is committed to its strategy of strengthening the activity of proprietary division, based on the construction and promotion of tourist developments by forming this alliance with a group which is a leader in this sector through its airline Air Europa, the tour operator Travelplan and its distribution network made up of the Viajes Ecuador and Halcón Viajes travel agencies.

For Globalia, this agreement represents an opportunity to ally themselves to one of the largest real estate companies on the international stage in order to push forward the expansion of their hotel division, which currently has a portfolio of 12 hotels, a figure which is set to rise to some 100 establishments by the year 2010, the majority of them in a management role, thanks to the ambitious project they have outlined, of which the agreement with FADESA represents a significant leap forward.

Source: FADESA

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