The Palmira Hotels chain has acquired the Hotel Madrigal in Paguera, Mallorca, from Hoteles Saint Michel. The family business will refurbish the property for reopening in 2022.
The establishment has 118 rooms and is a 4-star hotel, which will operate under the new brand and become a resort. The hotel sector is experiencing a large volume of transactions, motivated by the crisis and the discounts it has led to. For example, RIU has just bought TUI’s 49% stake in 19 hotels for €670 million.
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