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FBD Hotels & Resorts announces latest Joint Venture with Taylor Wimpey plc at La Cala Resort Spain

FBD Hotels & Resorts (‘FBDH&R’) has today announced details of a €55 million development at its La Cala Resort in southern Spain that will consist of 158 units comprising 41 townhouses and 107 apartments. The development at La Cala Resort will be undertaken in partnership with Taylor Wimpey Spain, the Spanish subsidiary of Taylor Wimpey plc. This represents the third joint venture between FBDH&R and Taylor Wimpey, the largest British-based housebuilder and FTSE 100 company. The first joint venture development at La Cala Resort, Miraval, was launched in late 2014 and consisted of 60 apartments at a gross value of €20 million. This development sold out in 12 months. The second joint venture, Horizon Golf, entails 103 units, 55 townhouses and 48 apartments. This was launched in March of this year, and 30% have been sold to date. Construction of the new development is due to commence in autumn 2017. It will bring to 323 the number of units developed in partnership by the two parties at the La Cala Resort. FBDHR currently owns and manages two hotels in Ireland; Castleknock Hotel Dublin and Faithlegg House Hotel, Waterford; and also two resorts in southern Spain: La Cala Resort and Sunset Beach Club. It recently announced the sale of Tower Hotel Waterford to Neville Hotels. David Kelly, CEO of FBDHR said: “We are excited to be embarking on our third joint venture at La Cala Resort with Taylor Wimpey plc, and to build on FBD Hotels & Resorts reputation as a leading player in the hotel and property market in Ireland and Spain, focusing specifically on our world-class portfolio of four-star hotels and resorts in the two countries. “Today’s announcement is further evidence of our belief in the resort’s potential for even further growth and the renewed confidence in the property market in southern Spain. In Taylor Wimpey, we have found a strategic partner with the same vision and ambition for the resort. We are now looking forward to working together and building on the success of our two previous joint ventures.” Javier Ballester, CEO of Taylor Wimpey Spain, said: “We are delighted to be embarking on our third joint venture with FBDHR at its La Cala Resort. The joint venture will bring the total gross sales value of our development at La Cala with FBDHR to in excess of €100m. La Cala is a premier holiday home destination in southern Spain and we are very happy with sales activity to date.” La Cala Resort consists of three golf courses and an executive par-three course. The 107-bedroom four-star superior hotel also boasts top-class leisure facilities, including a 1,300 sq. m spa and a UEFA-approved soccer facility. Headquartered in Ireland, FBD Hotels & Resorts (‘FBDHR’) is solely owned by Farmer Business Developments plc following the acquisition of FBD Holdings plc’s 50% share in October 2015.