No takers at the auction for the luxury Denia Marriott hotel

The Denia Marriott, the only five-star Marina Alta hotel, does not have new owners as of yet.

The recent auction was deserted, with no bidders willing to take on the luxury hotel. The starting price at the auction was €3.6 million, which was subsequently lowered to €2.7 million with a deposit required of over half a million euros. However, potential investors did not take the bait even though the 18,724-square-metre property, which includes a 186-room hotel, a golf course, spa, swimming pool and conference facilities is valued at €22.9 million.

According to the tax agency there is significant serious interest from foreign investors who are expected to make a bid within a month; however, they have warned that they will not accept a ‘low-ball’ offer. The current owners, Promociones Denia, have been embargoed since they are unable to meet the mortgage demands, amounting to over €19 million, plus interest, that they have with Amazon Investment Bank.

On top of that they must pay €156,853 to the town of Denia. The luxury hotel opened in 2003 and has played host to numerous events including weddings and multinational conferences, golf competitions and accommodated cycling teams. The 27-hole golf course was designed by Jose Maria Olazabal, but the formula of mixing golf and tourism has not proved foolproof for this company.