Investor Grupo Ramat has acquired the Mongibello hotel in Ibiza, adding to its present in a key Spanish market.
Grupo Ramat has been backed by a group of private investors in the deal, and will manage the 168 room boutique hotel via its Concept Hotel Group. The aim will be to continue with the Mongibello branding, which follows a repositioning to create one of the island’s most distinctive boutique hotel destinations. According to local media, the transaction was agreed at a value of around EUR60 million.
A Timely Transformation
The hotel was acquired in 2022 by joint investors Stoneweg Hospitality, and Bain Capital. A seafront property in Santa Eulària des Riu, it underwent a major transformation and repositioning. In came a style inspired by Italy and the Mediterranean of the 1960s and 1970s, harking back to a golden era. The pair worked with Concept Hotel Group as the property operator, as they refurbished key elements of the property and worked on a repositioning strategy.
“This transaction reflects the successful execution of our value-add strategy and our ability to
identify and reposition assets with significant potential, delivering long-term value,” commented Miguel Casas, Managing Director of Stoneweg Hospitality. The hotel was acquired from local hospitality business, Palladium Hotel Group.
While Bain Capital’s Francisco Bello said timing played a key role: “We saw an opportunity, during the Covid dislocation, to aggregate high quality assets in core touristic markets across Southern Europe. Together with Stoneweg, we have supported the transformation of this asset into a hotel with a unique identity and a differentiated position within the Balearic hospitality market.”
Concept Hotel Group has a strong position in the Ibiza market, operating other hotels across the island including the 30 room Cubanitao Ibiza, which it also owns. The group also manages the 113 room Los Felices Ibiza, the 60-room Paradiso Ibiza Art and Dorada Ibiza Suites, all of which are owned by third party investors. In the north of the island, Concept is also working on its Hotel Acapulco project, a refurbishment that will create a 150 room, four star hotel.
Holding Tight in a Restricted Market
The Ibiza hotel market remains a tight one, with few opportunities to add new properties. Recent years have seen several upgrading projects, with hotel operators looking to shift hotels upmarket. On the northern tip of the island, the Nomade Temple Ibiza is preparing for opening later in 2026, for example. Here, the former Beach Club Hotel Portinatx is enjoying a makeover, with architects Bjarke Ingels Group overseeing the transformation of the 182 room property.
Other brands planning to enter the Ibizan market include Virgin Hotels, with plans for a four star, 150 room property. And Singaporean investor Jayasom PTE is backing the conversion of a 300 year old farm estate into the island’s first comprehensive wellness destination.
