This is the new wooden accommodation built in Torremolinos

A young woman from Quebec is the first client of Kora Olea, the new establishment that has expanded the tourist offerings in Torremolinos since this week.

It is a complex with 180 apartments, which, when fully occupied, can accommodate up to 400 people. It was built on the grounds of the former Los Álamos hotel, of which, many palm trees have been preserved, located on the border between the municipality of Torremolinos and the capital, very close to the beach.

Developer

The developer of this building, named Oceanika, constructed mainly with pine and using industrialized techniques (such as the assembly of complete bathroom modules, designed for easy connection to showers or toilets), was the company Nuovit, which began the project with the demolition of the previous lodging in the summer of 2024.

In September of that year, the ceremonial act for the start of construction took place, with the opening expected in about 18 months. After an investment of 40 million euros, 10,000 square meters have been built that are beginning to be profitable.

Two players have joined Nuovit's original plan. On one hand, Kategora Real Estate, which, in agreement with the former, has put the property on the market, divided into 180 units starting at 238,000 euros, with the idea of returning to Nuovit the amount invested in this business venture. For this, they launched an asset aimed at those interested in expanding their portfolio. On the other hand, there is Kora Living, the hotel brand of Kategora, which manages the accommodation business as such, under the name of Kora Olea.

The model is designed so that the owners lease the operation to Kora Living in exchange for a profitability, estimated at around 6.5% net.

Currently, Kora Living manages six complexes: Kora Green City (Vitoria-Gasteiz), Kora Nivaria Beach and Kora Tigot (Tenerife), Kora Kiliki (Pamplona), Kora Lluna (Valencia), and the latest Kora Olea, and plans to open in Alicante, Andorra, Barcelona, Madrid, Sevilla, and Lanzarote with the expectation of exceeding 2,000 managed units by 2028.

The result is a 'flex living', open since this March 9th, as explained by Julio Martínez, director of Kora Olea; that is, it is a business, with a hotel license, offering rooms, of one or two bedrooms, for a day or for a maximum of 12 months, as regulated by law for this type of activities

The result is a 'flex living', open since this March 9th, as explained by Julio Martínez, director of Kora Olea; that is, it is a business, with a hotel license, offering rooms, of one or two bedrooms, for a day or for a maximum of 12 months, as regulated by law for this type of activities.

10 Employees

There are 10 direct employees, to which must be added another ten from the cleaning company, according to the managers of Kora Olea, which will grow according to needs

The key, in this case, is who the offer is aimed at. "Mainly, the client profile we target is international, people coming from Northern Europe, digital nomads... but at the same time, we are also open to families who want to spend a few days at the beach," says Martínez, a broad category that also caters to corporate stays or professionals displaced for work reasons.

Therefore, each apartment is equipped with facilities and utensils for an extended stay, and at the same time, Kora Olea has typical hotel features, though combined with spaces designed for 'coworking', along with the traditional pool, barbecues, and lounges where you can watch a movie or organize a business meeting, including soundproof booths.

There are 10 direct employees, to which must be added another ten from the cleaning company, according to the managers of Kora Olea, which will grow according to needs.

As for the forecasts for this mix of hotel and apartments, they aim to reach at least 60% occupancy on average in the first year, until the product is fully established.

The building is unique for its material, wood, used in such quantity that it has become the largest of its type in Southern Europe and a reference in sustainability, with awards and certifications that endorse it. In numbers, there are 3,500 cubic meters of laminated and CLT type boards

In addition to its flexible proposal, the building is unique for its material, wood, used in such quantity that it has become the largest of its type in Southern Europe and a reference in sustainability, with awards and certifications that endorse it. In numbers, there are 3,500 cubic meters of laminated and CLT type boards, sourced from responsibly managed forests, combined with elements such as aerothermal energy, cross ventilation, movable solar protections, envelopes, or 144 photovoltaic panels.

The development of this 15,000 square meter site has ended a black spot in urban planning in Torremolinos, generated from the closure of the Los Álamos hotel. The accommodation was officially opened on July 22, 1960, with 51 rooms, and closed in 2014.

For years, the land and the disused building were subject to vandalism and squatting. Finally, a decade later, came the announcement that the developer Nuovit Homes was launching the Oceanika project, with a utilization of the plot that also allowed the opening of an Aldi supermarket.