Tennis star Rafael Nadal and Ibizan hotelier Abel Matutes Prats are about to launch an ambitious real estate development project on Spain’s Costa del Sol. Through their new joint venture, Palya Invest, the duo plans to invest over €200 million to build around 100 villas and apartments in the region, marking a significant foray into the luxury residential market.
This venture represents the second time the Matutes family has entered the branded residences sector. However, unlike their previous project, which was associated with the Ushuaïa brand and included hotel services, this new initiative is led independently by Abel Matutes Prats and focuses solely on residential sales.
Palya Invest is the successor to Mabel Capital, a company previously co-owned with Manuel Campos. Earlier this year, Nadal and Matutes parted ways with Campos due to strategic differences, as reported by Cinco Días of the El País newspaper.
The partners have made significant progress on their Costa del Sol project through Palya, with an investment of €200 million covering both land acquisition and construction costs. The company has already secured beachfront land in Estepona, where 50 houses will be built, and additional land in the Nagüeles area of Marbella, where another 40 homes are planned. Matutes estimates that construction in Estepona will begin later this year, with completion expected by 2027, while the Marbella project will extend until 2028.
Abel Matutes, who is also the president of the family-owned Palladium hotel group, shared with Cinco Días: “We have retained the entire real estate division, including a couple of developments on the Costa del Sol, as well as stakes in other ventures like the production company Komodo and funds in America.”
To execute this project, Palya Invest has partnered with Málaga-based developer Sierra Blanca, known for its expertise in constructing luxury homes on the Costa del Sol. Under the leadership of Pedro Rodríguez, Sierra Blanca has developed or is currently developing branded residences in the area with prestigious brands such as Dolce & Gabbana, Fendi, and Karl Lagerfeld, as well as the iconic Sierra Blanca Tower in Málaga.
The homes developed by Palya will also be marketed through Sierra Blanca, and Matutes has indicated that they aim to create branded residences associated with a luxury brand. While this project will not include hotel services like those found in the Four Seasons and Mandarin residences in Madrid, the partnership with luxury brands adds significant value. These brands contribute to the design, both exterior and interior, and even in the selection of furnishings, depending on the chosen brand.
The name “Palya” is a play on words that combines “playa” (Spanish for beach), reflecting the Balearic origins of both partners, and the names of their respective companies: Palladium, from the Matutes family, and Aspemir, from Nadal.
Nadal is no stranger to the real estate world. He co-owns the Palladium complex in Costa Mujeres, Mexico, where a state-of-the-art tennis center has been established. The center, promoted on its website, is “a cutting-edge sports facility where you can learn from the best, thanks to the instructors from the Rafa Nadal Academy by Movistar.”
This new venture further cements Nadal and Matutes’s commitment to expanding their business interests, combining luxury real estate with the high standards that both names are known for.
Source: lavozdeibiza.com
