QATAR Investment Authority, which back in May presented a project to build a luxury five star hotel in Malaga port, has paid €2 million as a guarantee, the group’s lawyers have announced.
This is the first step towards the €100 million project, the greatest private investment in Malaga history, which if it becomes a reality will change the city’s skyline forever.
The draft project the group presented in May was for a 135 metre tall, 35 storey tower with 350 bedrooms and suites.
Now a complex bureaucratic mechanism will begin. The QIA’s interest in the 18,000 square metre plot of land in the docks will have to be announced in the Official State Bulletin to allow other parties the chance to present their own offers and projects.
Meanwhile the authorities will have to adapt town planning regulations to allow construction of a hotel within the port, and finally the project must be approved by a Council of Ministers.
If everything goes to plan, construction could begin in nine to 12 months’ time.