Malaga tourism: French firm Edgar Suites buys derelict Calle Beatas building for €10.5million tourist project
The abandoned 18th-century structure in Malaga’s historic centre will be transformed into 20 'premium' tourist apartments by 2028
French company Edgar Suites has signed a deal to convert a derelict building in Malaga city centre into 20 tourist flats.
The purchase of the abandoned construction on Calle Beatas 47 has cost the company 10.5 million euros.
At a glance...
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The Valuation Leap: In just a decade, the site’s value has soared. Purchased in 2018 for €2.4 million by a Madrid developer, it has now traded for over four times that amount, reflecting the immense premium placed on the city’s historic core.
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The "Touristification" Cycle: Despite various attempts since 2008 by companies like Macesa and Ikasa to develop the plot, the only viable commercial path appears to be tourist accommodation.
Edgar Suites expects to open the new "premium hotel residence" in the spring of 2028. It has acquired the three-storey building from real estate asset company All Iron.
There is almost nothing left of this old building: only the facade and some interior walls, despite it having grade one architectural protection. The last time SUR had any news about its development was in 2018, when Madrid developer Ikas bought it for 2.4 million euros.
Ikasa's idea was also to build an aparthotel complex and a restaurant, but the project did not materialise. Real estate company Macesa also tried to develop the building in 2008.
