Ibiza's luxury hotel market has seen another major transaction, with Grupo Ramat acquiring the five-star Mongibello Ibiza hotel in Santa Eulària des Riu for a reported €60 million.

The 168-room beachfront property was sold by Stoneweg Hospitality and Bain Capital, which had acquired the hotel in 2022 and subsequently carried out an extensive refurbishment and repositioning programme.

A €60 Million Ibiza Hotel Deal

The transaction was reported at €60 million, equivalent to approximately €357,000 per room. The acquisition was made by Grupo Ramat alongside a group of private investors.

The deal was advised by CBRE and represents the latest significant transaction in Ibiza's increasingly active hotel investment market. CBRE described the sale as evidence of the continued attractiveness of high-quality hotel assets in the Balearics.

From Don Carlos to Mongibello

The property has undergone a major transformation in recent years.

Stoneweg and Bain Capital acquired the hotel from Palladium Hotel Group in 2022, when it was operating as the Don Carlos. The investors subsequently invested in its repositioning, working with Concept Hotel Group to create the Mongibello Ibiza concept.

The result is a five-star lifestyle hotel inspired by the Italian and Mediterranean cinema of the 1960s and 1970s, with a strong emphasis on the aesthetic of the Dolce Vita.

The hotel features 168 rooms, including 32 suites, alongside restaurants, bars, meeting spaces and an outdoor swimming pool.

Grupo Ramat Expands Its Ibiza Portfolio

The acquisition further strengthens Grupo Ramat's position in Ibiza.

The company operates Concept Hotel Group, whose Ibiza portfolio includes properties such as Dorado Ibiza Suites, Cubanito Ibiza, Paradiso Ibiza Art and Los Felices Ibiza.

Following the acquisition, Concept Hotel Group will continue operating Mongibello, allowing the property to retain the identity established during its recent repositioning.

The transaction also creates an interesting connection with the property's previous ownership. According to Cinco Días, Grupo Ramat is associated with Marc Rahola and the Matutes family, meaning the hotel has effectively returned, at least in part, to the wider business group connected to its previous owner, Palladium.

Another Sign of Ibiza's Hotel Investment Boom

The Mongibello transaction comes during a particularly active period for Spanish hotel investment.

Hotel investment in Spain exceeded €2.3 billion during the first half of 2026, more than 30% above the same period in 2025, according to Knight Frank. Five-star hotels accounted for around 45% of investment during the second quarter.

Mongibello was among the notable hotel transactions highlighted in the second-quarter market data.

For Ibiza, the sale demonstrates continued investor appetite for premium hotel properties in established tourism destinations, particularly assets that can be repositioned and differentiated through design and lifestyle concepts.

What the Deal Says About Ibiza

The €60 million sale is another indication of how Ibiza's hotel market is evolving.

Investors are increasingly targeting properties that can move beyond traditional resort accommodation and compete in the premium lifestyle segment.

Mongibello's transformation from the former Don Carlos into an Italian cinema-inspired five-star property is a clear example of that strategy.

With Grupo Ramat now taking ownership, the hotel enters its next chapter under an Ibiza-based hospitality group that already operates several distinctive properties across the island.

Source: CoStar