Formentor, Mallorca. | Ultima Hora

Property owners in the Formentor urbanisation say they're very optimistic about the Emin Capital Fund buying the Formentor Hotel.

Emin plans to renovate and expand the complex, if the law of urgent economic recovery measures allows it.

"We are pleased with the reform plan and believe that it will restore Formentor Hotel's prestige," said Juan Nadal, who’s a representative of the Homeowners' Association.

Pollensa Mayor, Tomeu Cifre met with Juan Nadal and some of the owners on Friday to address the urban planning regulations that have plagued the urbanisation for decades and to seek an agreement that allows for the transfer of roads and green areas to the Council.

“We have been presenting the service endowment project for more than six years and we’ve been fighting the legal system for 20 years,” says Nadal.

The hotel may be able to comply with a special rule to expand the hotel, but the rest of the owners can only obtain renovation permits because planning regulations are still suspended.

If the hotel is allowed to expand to include a spa it will be a good thing for the urbanisation and the whole of Pollensa, as long as it doesn’t have an impact on the environment,” says Nadal.

Mayor Tomeu Cifre said after the meeting that he hopes to be able to “at least approve provisional planning for Formentor this legislature.”

The Formentor Hotel was bought from the Barcelo Group for 185 million euros and will re-open in 2023 after extensive renovations.