Paramount's "Spain's largest theme park" project set to receive property boost
Submitted by Nick Sim on Friday, January 6, 2012 09:15
Paramount's return to the theme park business is set to move one step closer. Image © Paramount Pictures
The project to build a Paramount-branded theme park in Spain is set to receive a boost, with its backers set to secure a €15.8 million deal for the land that will host the park.
Property Wire reports that Proyectos Emblematicos Murcianos (PREMURSA), the promoter of the project, will confirm the deal on February 6, 2012, when it will also reveal details of the investors in the park. The move will help to assuage the fears of critics of the project, who have claimed that building "Spain's largest theme park" at a time of economic gloom in the country is not feasible.
The planned theme park will sit on 0.74 million square metres of land, with a further 1 million square metres being used to create an adjacent hotel, restaurant, entertainment and business district. Unlike Paramount Parks, the firm's previous theme park venture (which was sold to Cedar Fair in 2006), the new park will be owned and operated entirely by outside investors. Paramount Pictures' involvement will be limited to licensing intellectual properties for use in attractions, and to providing "conceptual masterplanning and design" for the project.
The theme park and adjoining facilities could create as many as 20,000 jobs in employment-starved Murcia in south-east Spain. It is hoped that the €1 billion investment in constructing the park and seven accompanying hotels will be rewarded by attracting 3 million visitors each year.
The planned park would provide a boon for the struggling Spanish economy, and would provide a consolation prize for a country that missed out on becoming the home for Euro Disney (now Disneyland Paris) two decades ago. However, even at 3 million visitors a year the Paramount park would operate on a much smaller scale than Disney's resort, which attracted 15.3 million guests in 2009.
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Source: Property Wire
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