Businessman Denis O’Brien has acquired a hotel near his PGA Catalunya golf resort outside Barcelona in Spain.
The Hotel Melia is to undergo an extensive refurbishment and upgrading to a five-star business with 150 resort-style bedrooms.
About €44 million is being spent on the purchase and redevelopment of the hotel, which will reopen for business next year.
Earlier this year, Mr O’Brien received two offers for his Quinta do Lago golf and property resort in the Algarve. The highest offer was reported to have been €220 million. Although he sought the advise of property consultants, he has apparently not decided whether to accept one of the offers for the resort, which he has owned since 1998