Accor has signed a management agreement with operator Odyssey Hotel Group and developer and owner SOCIMI Millenium Hospitality Real Estate, a real estate investment trust, to open the 323-room Fairmont La Hacienda in Spain.
Planned to open by Easter 2024, the hotel will have a soft opening within the next calendar year. The property is in Sotogrande, the largest, privately owned residential complex on the Costa del Sol, 15 miles northeast of Gibraltar. It will have 153 hotel rooms and an additional 170 keys in 51 villas, 36 of which will have private pools.
Owner SOCIMI, under the umbrella of parent company Atom Hoteles Socimi, S.A., now has a portfolio of 29 hotel assets in Spain, mostly on its coasts and on the Balearic Island but also with a scattering of urban properties.
It also has one hotel outside of Spain, in Belgium, and the total portfolio, according to the REIT, has more than 7,000 rooms with a value of more than 700 million euros ($699 million).
The REIT specializes in generating value by repositioning acquisitions.
The Fairmont La Hacienda will also contain 170 residential offerings and cover an area of almost 1,000 acres, which includes a golf course and spa and fitness facilities measuring more than 21,500 square feet.
Xavier Grange, senior vice president of development for Southern Europe at Accor, said the development is a “significant step forward" in Accor’s luxury development in Southern Europe.
"Our ambition is to continue to build a greater collection of luxury hotels, especially resorts, to meet the growing demand for high-end hospitality in the market,” he said.
Javier Illán, president and CEO of Millenium Hospitality Real Estate, said he is convinced the “Fairmont hotel will be a benchmark for luxury in Europe and, without a doubt, one of the assets with the greatest value potential of our portfolio.”
The project is a debut of the partnership between Odyssey and Accor, which once again brings the Fairmont brand to Spain.
Until early 2021, there was a Fairmont hotel in Barcelona — the Fairmont Barcelona Rey Juan Carlos I — but it closed due to bankruptcy proceedings against its owners.