|Ongoing Refurbishment at Sol S’Argamassa.|
London property investors and brothers, Richard and Ian Livingstone, have made their first foray into the Spanish Tourism market, with a 50% acquisition of the Melia owned, Sol S’Argamassa Hotel, on the quiet, east coast of Ibiza. The brothers who own “a dazzling portfolio of trophy properties” throughout the world, are at number 14 on Forbes UK Billionaires list, with a net worth of $3.4 Billion. The deal was announced by the CEO of Melia International Hotels, Gabriel Escarrer, in London and will include the site that Nikki Beach now resides on. The Hotel S’Argamassa once a 3* family Hotel popular with Spanish tourists, is currently being transformed into a luxury 5* establishment, that will cater to an upmarket clientele and provide a “hot spot of exclusivity and international glamour where hippy meets sophistication, local culture meets the traveller and music meets the individual. ME Ibiza presents a retreat of beachside sophistication in a casual yet chic environment.“ The Livingstone brothers do not like to court the limelight, so their plans for the Sol S’Argamassa, which will now be called Hotel ME Ibiza are unclear. It is expected that Nikki Beach Ibiza will remain as a tenant on the property and that a more “music based” program will be introduced at the Hotel, which is located in a beautiful and quiet area, popular with families and tourists, who like to avoid the brash and loud part of the islands dual personality. It will be interesting to see how this new development will be viewed by the traditionally conservative, local Santa Eularia Council.