Heritage thermal spa hotel for sale, Alicante —
historic balneario estate

Project POLARIS is a heritage palace with an active thermal water concession in the Alicante coastal hinterland — a property type that rarely reaches the open market. The estate operated historically as a balneario, the Spanish spa tradition built around licensed mineral and thermal springs. The asset includes the palace building, the thermal water infrastructure, and a land holding capable of supporting a residential component alongside the hospitality programme.

An independent as-is valuation has already been delivered, and three strategy cases have been priced: a hotel-led repositioning, a wellness-led concept with the thermal spa as the primary revenue driver, and a mixed model that adds a residential component. The thermal water concession is the differentiating asset — it creates a guest experience and a regulatory position that cannot be replicated by a new-build competitor. Our underwriting is working from that study alongside the document gate issued to the seller.

The supportable entry range of €7–10M is thesis-dependent: the lower band holds if the hotel programme alone defines the value; the upper band requires the residential and wellness components to perform at premium pricing. We have not graded this project yet because comparable transaction evidence for thermal-wellness assets in Spain is limited and our underwriting will not stretch beyond what the data supports. We disclose that uncertainty here because it is the right thing to do — not because the asset lacks merit.