Rafa Nadal has a new business venture with Abel Matutes. The hotel tycoon and the tennis player will jointly build several developments of luxury flats type branded residences on the Costa del Sol, according to the business daily newspaper Cinco Días. Through their new joint venture Palya Invest, they plan to invest more than 200 million euros in building around 100 villas and flats in the Estepona and Marbella area, which will bear the name of a luxury brand.
Palya Invest is the heir company to Mabel Capital, a firm they shared with a third partner, Manuel Campos. As the aforementioned media reported a few months ago, Matutes and Nadal broke the alliance with this company and kept the real estate business and other business holdings such as the Komodo production company.
After the split, the Balearic partners have advanced the real estate project, which has land for 50 beachfront homes in Estepona and another plot of land for 40 additional units in the Nagüeles area of Marbella. According to Cinco Días, work is scheduled to begin at the end of 2024, first in Estepona, in an operation that could be completed by 2027, and then in Marbella, with a completion date of 2028.
For this initiative, the president of Palladium and the tennis player have teamed up with the Malaga developer Sierra Blanca, a specialist in the construction of homes on the Costa del Sol. This real estate company, headed by Pedro Rodríguez, has promoted or is promoting branded residences in the area with luxury brands such as Dolce & Gabbana, Fendi and Karl Lagerfeld.
The name chosen for the new company, Palya, is a play on the word beach, taking into account that the two partners are from the Balearics, and with the names of their respective companies: the Ibizan chain Palladium (owned by the Matutes family) and Aspemir (owned by Nadal).