Accelerating Investments in Ibiza: Project Bora Bora
The renowned Matutes family, owners of the Grand Palladium hotel chain, is ramping up its investments in Ibiza through their company Ushuaïa Entertainment with the ambitious Project Bora Bora. Led by Yann Pissenem, the mastermind behind iconic nightlife brands Ushuaïa Ibiza and Hï Ibiza, the firm has acquired a 33.33% stake in Playa Soleil Ibiza, which owns a sophisticated beach club (bar, restaurant, and club) situated in the heart of Playa d’en Bossa, the island’s prime tourist destination.
Joint Venture Seals the Deal
According to reliable sources from elEconomista.es, the transaction involving Playa Soleil Ibiza, with an undisclosed amount, was structured through a combination of share acquisition and capital expansion. Specifically, it was established as part of a joint venture between three partners: Ushuaïa Entertainment (in which Pissenem holds a 50% stake, being the CEO and founder of The Night League, and the giant hotel chain Fiesta Hotels & Resorts, owned by the Matutes family), Grupo de Empresas Alonso Marí (directed by the Marí brothers, proprietors of Insotel Hotel Group), and the leisure and lifestyle group Vivir Descalzo Corporate, led by two co-founders of Beso Beach and responsible for fashionable spots on the island like the trendy Roto restaurant or Filin, a new establishment in Marina Ibiza.
A Luxurious Haven
The luxurious complex, unveiled this summer, enjoys an idyllic location at the famed former beach club, Bora Bora Ibiza, one of the most renowned and enduring entertainment venues on the island. Playa Soleil Ibiza offers a diverse range of spaces, including sunbathing and relaxation areas, an exquisite restaurant curated by Chef Cristhian Castañeda, an elegant boutique, and even a dedicated area for the little ones. It also caters to wellness and well-being with an exclusive club, Maison Musique, featuring curated musical selections from DJs, artists, and performers in its covered terrace zone. Additionally, the club organizes various events within its interiors.
Matutes Family: A Shift in Investment Focus
As owners of the Grand Palladium hotel chain, the Matutes family has embarked on a divestment process in hotel assets and tourism groups. In 2022, they joined forces with El Corte Inglés to sell the Ayre hotel chain to the French fund Eurazeo for 130 million euros.
A year earlier, the Matutes family also divested from the shipping company Baleária, selling 42.5% of the company’s capital to its founder and president, Adolfo Utor. They have also transferred the Don Carlos hotel in Ibiza to a joint venture comprising the funds Stoneweg and Bain Capital, which paid close to 30 million euros for the asset.
