Group pledges €60m to Byblos Hotel

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THE Spanish real estate group Ayco, is to invest 60 million euros in a hotel which once welcomed the likes of the Rolling Stones, Lady Diana and Julio Iglesias, but has been closed for the last six years.

The five-star luxury Byblos hotel will be completed under plans that could see at least 200 jobs created, according to the mayor of Mijas, Juan Carlos Maldonado.

Unveiling the redevelopment plans, the mayor said Ayco’s investment represented not only a boost to jobs and the high-end tourism market, but it was important in ‘breaking out of the seasonal  nature of tourism.’

President and CEO of Ayco, Francisco Garcia Beato, said at the presentation of the project in Mijas, that the hotel represented an icon of tourism on the Costa del Sol.

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