Spanish listed property company Ayco has bought the Hotel Byblos on the Costa del Sol coast in southern Spain for €60m and plans to completely rebuild the property and reposition the iconic luxury hotel, according to local media.
Ayco plans to retain the hotel’s characteristic features and add new elements such as a health and beauty area, according to Spanish news portal Real Estate Press. The Hotel Byblos in Mijas is one of the largest 5-star hotels on the Costa del Sol. Former visitors to the iconic hotel, which opened in 1986, include Lady Di and the Rolling Stones.
Once a symbol of Costa del Sol luxury, the Hotel Byblos closed its doors in 2010 after debts run up by the former owner, Spanish developer Aifos, forced the business into administration. It was bought by British magnate Lord Alan Michael Sugar, founder of tech company Amstrad, whose plan to reopen it in 2013 fell through, however, according to the news portal.
Ayco Grupo Inmobiliario is a real estate investment and development company, which buys, develops, leases and manages office, residential, hotel, parking and land properties across Spain.