Tito's, Palma.

Tito's, Palma.

14-10-2020Pere Bota

Tito’s nightclub on the Passeig Marítimo in Palma is up for sale for 16.5 million euros.

The iconic venue has been owned by the Cursach group for more than 30 years and is described in the advert as “the number one nightclub in the city.”

Tito’s has capacity for 1,000 people, an elevator and a cellar and sits in a 602 square metre plot. According to the advert "all permits are in order and if you wanted to promote it as a residential area, it would be one of the best buildings on the Passeig Marítim." The ad also says "the nightclub could also be used as a hotel.”

Tito’s usually celebrates the opening of the season with a massive party at the end of March, but that didn't happen this year because of the Covid-19 pandemic and the Balearic Government has banned Nightclubs from opening since the State of Emergency was lifted.

Tito's is not the only business owned by Bartolomé Cursach that's on sale. In recent months, the 800 Grados Steak House, Asadito restaurants and The Club International nightclub in Playa de Palma, are also up for grabs. The Asadito Restaurant, which is housed in one of the most characteristic buildings in the area, has a 6.5 million price tag.

The Cursach Group transferred ownership of the Linos Grand Café in Playa de Palma 10 days ago, according to Group Sources.

Almost all of the Cursach group's businesses have remained closed this summer because of the coronavirus restrictions, apart from the MegaSport gym which was allowed to reopen after carrying out mandatory renovations and obtaining permission from Palma City Council.

Cursach’s MegaPark nightclub is not officially on sale, but company sources have hinted that the group will consider offers.

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Kim Christensen / Hace 7 days

For that price Tito will have to make an average profit of €6300 a day every day of the year...

So realistically they have to make a turnover about €50.000 A day in the high season.

Seams like a lot... most customers are not high rollers.

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Yogi / Hace 11 days

Monica. They are asking for 16.5. Why offer 20.? Surely an offer of 12 or even 10 would be a good starting point. Won’t you haggle?

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Mónica Fernández / Hace 12 days

I am interested. I shall pay 20 million and that's my last offer.

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