By Euro Weekly News Media • 23 September 2014 • 17:25
ONE of Marbella’s most iconic tourist structures may soon be torn down if plans for its redevelopment are approved by a judge.
Hotel Incosol has been closed for the last two years, but now a group of Belgian property developers have proposed knocking the building down and constructing a residential complex, complete with shopping centre.
An offer of €15.5 million was denied by the current owners on July 21, but as the building has been in the hands of creditors for the past two years, it will ultimately be up to a judge to decide whether or not to accept the bid.
Arrabal Investments, the Belgian group behind the bid has claimed to have government support. They say that the structure is in such a dilapidated condition that only complete demolition is a viable option.
The current owners have argued that the hotel is worth €59 million: much more than the price being asked, although an investment of nearly €40 million would have to be made to turn the building into a luxury health hotel as originally planned.
It remains to be seen which plan the judge will consider the best path to follow in the redevelopment of the site.
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