The chain in Spain is luxury boutique hotels
06 May 2005
Two of Spain's top banks and a construction company have joined forces to build 10 luxury boutique hotels in the country over the next four years.
Caixa Catalunya, Caja de Ahorras del Mediterraneo (CAM), and the Espais construction company plan to invest €180m (£122m) creating the new chain.
Valencia, San Sebastian and Barcelona are among the Spanish cities being targeted by the group, which aims to buy historical buildings in city centres and convert them into luxury 40- to 70-room hotels.
Charged with renovating the buildings are Espais Promocions Inmobiliàries, which plans to have the first of the new chain hotels on the market in three years' time.
