Impar Capital and Marriott International have signed an agreement to develop the Palacio Residencial Pakea, a complex under The Luxury Collection Residences brand in San Sebastián, with construction scheduled to begin in the first quarter of 2027.
The new project will be situated in a building opposite the Hotel María Cristina and next to the Victoria Eugenia Theatre. This development will mark the property management firm’s first foray into the branded residences segment and will become the brand’s first standalone project.
The conversion of the property – which currently comprises retail units, offices and residential flats – involves an investment of €85 million and will result in a development comprising 34 high-end residential units, a retail unit on the ground floor and two basement levels dedicated to parking and storage rooms.
With this move, Impar Capital – a company that manages assets worth over €638 million and has developed more than 128,000 sqm – is expanding its property portfolio into northern Spain following the consolidation of previous operations in other locations across the country.
For its part, the multinational hotel group will provide its infrastructure and services under a licence agreement granted to Impar Residences Camino, the company directly responsible for the development and marketing of the property.
