Reubens continue buying jag

Reuben Brothers have completed the acquisition of the La Palma Hotel in Capri, the first and oldest hotel on the island, opened in 1822.

The hotel was the third deal announced by the group in as many weeks, following the purchase of Pacha in Ibiza and La Residence in Mykonos.

The Reubens’ acquisition also includes the nightclub La Taverna Anema e Core, frequented by celebrities including Beyoncé, George Clooney and Jennifer Lopez.

Jamie Reuben, a principal at Reuben Brothers, said: “By acquiring Hotel La Palma we are delighted to add such an iconic property to our growing hotel portfolio so soon after our acquisitions in Rome, Mykonos and Ibiza. We aim to restore and enhance this wonderful hotel to be perfectly positioned to provide guests an exceptional Capri experience”. Last week saw the group buy La Residence hotel in Kalafatis Bay, Mykonos, Greece, for an undisclosed fee.

The deal came days after the brothers formed a joint venture with the Pacha Group and bought the Hotel Pacha Ibiza, in a sale-and-leaseback transaction.

The transaction represented the Reuben Brothers’ third investment in Ibiza and added to the 7.3km of coastline they already owned in Cala Conta, Cala Bassa, & Es Calo on Ibiza’s south west coast.

It has been reported that the brothers were planning to expand the brand around the world with a portfolio of hotels. The group confirmed to us that the Mykonos property would not be branded under the Pacha flag.