Emin Capital, who acquired the Hotel Formentor in 2020, and the Canadian Four Seasons group, who manage the hotel, are to build nine luxury villas on land that has become available as a result of the redevelopment.
These villas, prices for which have yet to be revealed, will be between 250 and 600 square metres and will be 'branded residences'. This is a luxury housing model under high-end hotel companies' names and which offers services and levels of comfort akin to those of luxury hotels.
Prices for branded residences are very high. Four Seasons, a pioneer of the concept, have a project in Madrid - 22 apartments priced at up to eleven million euros.
A different hotel group, Mandarin Oriental, has 34 branded residences in Barcelona. A 650-square-metre duplex penthouse sold for 40 million euros.
The Hotel Formentor will close for the season on November 15 and reopen on March 15 in 2025. The average price of a room per night is 1,200 euros. The commercial strategy pays particular attention to a high-spending North American clientele.