A day after Spanish authorities unveiled revised plans for a proposed integrated resort zone in the Catalan villages of Vila-seca and Salou, Lawrence Ho’s Melco
International Development has pulled out of the bidding process.
The Catalan government’s new tourist area – now known as the Center for Recreation and Tourism – will comprise 50% less space allocated (30,000 square kilometers) for a maximum of two IRs with the total tourist zone cut from 1 million square kilometers to 750,000 square kilometers.
Bidders will also have to pay a €2.5 million deposit and commit to spend at least €2.5 billion on development of their property.
In a statement, Melco International Development said it “considers the project at the Centre for Recreation and Tourism to be an exciting tourist opportunity in Europe … However, Melco International has decided not to participate in the current bidding process owing to other committed development projects in the pipeline.
Melco and its partners Hard Rock and CPZL were last week granted a license by the Cyprus Government to develop, operate and maintain an integrated resort in the Cyprian city of Limassol and Melco bought immediately Hard Rock’s shares in the project.
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