Zara founder Amancio Ortega, 87, splashes €35 million on TWO boutique hotels in Spain’s Mallorca

THE BILLIONAIRE founder of the Inditex fashion group, Amancio Ortega, has purchased two boutique hotels on Spain’s Balearic island of Mallorca for €35 million. The properties were bought via his investment company Pontegadea from a Swedish group, according to a report from Spanish news agency Europa Press. 

The purchase was made public in July, according to Spanish press reports, when the Genova Property Group announced that it was offloading the Concepcio by Nobis hotel, which is located in Concepcion street in the island’s capital, Palma de Mallorca, and the Nobis Palma, in Caputxines street. 

Until now, however, the buyer had not been revealed as being Ortega, 87, who is the man behind global fashion chains such as Zara, Pull & Bear and Bershka. 

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Zara founder Amancio Ortega.

Ortega has previously purchased hotels, including the Playaballena in Cadiz and the Iberostar in New York, but this is the first time that he has made a foray into the boutique hotel market. 

The investments have been made by Pontegadea after it pocketed more than €2.2 billion of dividends from Inditex this year. 

Ortega is currently the owner of the biggest real estate portfolio in Spain, according to online daily La Voz de Galicia, mostly possessing office space rather than residential properties.

According to the Forbes rich list, Ortega is currently the 12th wealthiest person in the world, with a net worth of just under $100 billion (€90 billion).

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