Meliá Hotels International and Starwood Capital have formed a joint venture that will see Starwood invest €176 million for a majority share in seven of Meliá's largest resort hotels in Spain (€60,000 per room). A controlled affiliate of Starwood Capital will hold an 80% stake in the 799-room Sol Principe (Malaga), the 343-unit Sol Lanzerote and 562-room Meliá Gorriones (Fuerteventura, Canary Islands), the Sol Beach House Ibiza and 254-room Sol Pinet Playa (Ibiza) and the Sol Mirlos and Sol Tordos (Palmanova, Majorca). Meliá will retain a 20% stake in the properties and will continue to manage the hotels. The joint venture is to invest approximately €30 million in a renovation of the hotels over the next two years and will re-launch the Sol brand. Further hotels, either owned by Meliá or third parties, are to be purchased by the joint venture.