Jiangsu GPRO Group Co Ltd, a privately owned enterprise involving manufacturing, real estate and modern services industries based in Jiangsu province, has purchased a hotel in Spain, the company said on Monday.
The project involves a 50-million-euro ($68.93 million) investment and is the largest investment by a Chinese company in Spain.
The group purchased the hotel from Grupotel Hotels & Resorts in Spain, and the five-star hotel is located in Mallorca with 170 rooms.
All the legal proceedings of the acquisition have been completed, and the Chinese company has made changes at the hotel to attract more Chinese travelers and investors to Spain.
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