Change of direction for iconic Malaga hotel as it is put up for sale with an eye-watering asking price
The current owners are putting it on the market after failing to undertake the renovation to convert it into a five-star property
The project for the extension and improvement of the Cortijo la Reina hotel, which was supposed to make it the first five-star hotel in Los Montes de Málaga, has not borne fruit. In search of a new investor with the capacity to undertake this project, the current owners have decided to put the property up for sale. This was announced in a statement released by the Mathiven group, which acquired the hotel in 2016 with the aim of upgrading it from a four-star to a five-star category. The hotel's current asking price is 14 million euros.
Since acquiring the Cortijo la Reina nine years ago, Mathiven has purchased two nearby plots, bringing the total volume of land currently up for sale to 766,587 square metres. The permissions to expand the hotel are included in the offer, in addition to the "land, property, designs, plans, licences and grants". The sale is being managed by Beauchamp Estates.
However, according to sources consulted, the hotel's current owners are also "open to partnering with a private investor" with whom they can carry out the expansion and improvement project that they have not been able to develop in the past four years.
The project that was approved by the city council in 2021 foresees the demolition of existing buildings, the remodelling of some existing structures and the construction of new ones. The buildings located to the north will be preserved and used as living quarters. A covered connection with the new buildings that will be developed around the rural house will be created, in addition to yards that will go from one building to the other.
The project, worth more than 21 million euros, will double the capacity of the establishment to 75 rooms and 66 parking spaces. The establishment will have a wellness area, a new restaurant and a swimming pool. Outside the main enclosure, to the north of the estate, there are plans to build an area dedicated to meditation and yoga activities. Reforestation activities are also included.
