Terra Mítica is rented out to Aqualandia

Terra Mítica is rented out to Aqualandia
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By h.b. - Jul 28, 2010 - 6:42 AM
It's hoped the new managers can turn around the fortunes of the Benidorm park

Terra Mítica - EFE

The Generalitat has announced the rental of Terra Mítica to Aqualandia, with the option to buy. The regional councillor for Tourism, Belén Juste, made the announcement on Tuesday night ending what has been a long period of rumours about the future of the Benidorm attractions park.

The decision on the future came the same night that a fiesta was held in Terra Mítica to celebrate its ten year anniversary, and the initial rental period will be for the next ten years.

The contract includes a clause obliging the new managers to take over the current workforce and managers, according to a press release. Aqualandia will pay 1.8 million € a year, which is the same amount that Terra Mítica is currently paying in interest on its loans. There is an additional rental linked to visitor numbers and the income at the park. The option to buy is set at 75 million, which is the global debt of the company.

Terra Mítica was conceived in the middle of the 90’s by the then President of the Generalitat, Eduardo Zaplana. After an investment of 240 million € and the implication of different banks and companies, it had a forecast visitor draw of four million a year. However in 2005 the park entered bankruptcy protection with debts of 218 million € and losses of a further 120 million. It has never attracted more than 1.5million visitors a year.

Part of the land of the park was sold for housing to Enrique Ortiz for 85 million, and the park also signed a contract with Paramount which cost it 3.5 million a year between 2001 and 2004.

The new contract with Aqualandia is expected to be signed in the next few days.

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