Oakmond Marbella: The €260 Million Rebirth of Marbella's Most Storied Medical Spa Hotel

A 1973 Icon Rises Again

One of Marbella's most storied addresses is coming back to life. The former Incosol Hotel Medical Spa — the pioneering health resort inaugurated in 1973 by Francisco Franco and his son-in-law, the Marqués de Villaverde, and frequented over the decades by figures from Grace Kelly and Prince Rainier of Monaco to Salvador Dalí and Princess Diana — will be reborn as Oakmond, a new ultra-luxury health resort developed by Ilanga Capital, the investment firm led by Pelayo Cortina Koplowitz.

Closed for nearly fourteen years after accumulating more than €34 million in debt, the property was acquired by Ilanga Capital in 2022 with the express ambition of restoring its original gloss. As reported by ABC, the project has now secured full financing: a €145 million facility provided by Real Estate at Goldman Sachs Alternatives, within a total execution budget of approximately €260 million and an overall capital commitment exceeding €400 million including Ilanga's equity and the real estate assets already incorporated into the scheme.

140 Rooms, 28 Private Residences

The new Oakmond will rise on a plot of more than 53,000 square metres, directly alongside the future Four Seasons Marbella — a pairing that concentrates two heavyweight resort brands on a single coastal stretch and further reinforces the Golden Mile area's position as Europe's densest luxury hospitality corridor.

The programme calls for 140 hotel rooms and 28 private residences, extensive sports facilities, and a high-level gastronomic offering. The developer's stated vision is a "vertically integrated precision health ecosystem" combining luxury hospitality, integral medical diagnostics, personalised interventions, continuous health monitoring and data-driven clinical intelligence — a modern evolution of the property's original vocation as Spain's first medicalised hotel.

Construction begins in autumn 2026, with an estimated execution period of 36 months and an opening targeted for the third quarter of 2029.

What It Means for Marbella's Residential Market

Oakmond adds a second dimension to Marbella's branded living story. The town has built its recent reputation on fashion-branded residences — Dolce&Gabbana, Karl Lagerfeld, Armani and Fendi Casa among them — but Oakmond's 28 private residences anchor a parallel growth engine: wellness and longevity-led branded living, the same segment redefining resort residential offerings through SIRO, Six Senses and Aman worldwide.

For investors, the project signals institutional conviction in Marbella's ultra-prime segment, with Goldman Sachs-backed capital committing to a three-year build in a location adjacent to Four Seasons. Hotel-branded residences of this profile historically command strong premiums on the resale and rental markets, supported by year-round medical and wellness tourism rather than purely seasonal demand.