Europe is to get its first Ferrari-branded five-star hotel and theme park when a new resort opens near Barcelona, Spain in 2016.

Ferrari Land will cover 75,000sq m (807,000sq ft), housing a premium 250-room hotel with several restaurants, as well as large simulation areas for car racing and shops.

The theme park itself will feature several high-octane rides, including the highest and fastest vertical accelerator in Europe.

An existing Ferrari World attraction is located in Abu Dhabi, while the new branded site is to be the sole Ferrari theme park in Europe and will cost an estimated €100m (£83m, US$139m) to build.

The deal between PortAventura Entertainment – a company majority owned by investment subsidiaries of the Investindustrial group and KKR – and Ferrari will see the attraction open within the PortAventura destination resort near Barcelona, Spain. PortAventura receives nearly four million visits annually, of which nearly 50 per cent come from outside Spain.

“After the successful experience of the Abu Dhabi Ferrari World we have received numerous requests to launch new Ferrari theme parks, said Andrea Perrone, managing director of Ferrari Brand.

“After a thorough selection process, we have selected a solid project backed by skilled and experienced people and the opportunity to bring the Ferrari allure in Spain where there are a lot of supporters and fans including a lot of tourists attracted also by the PortAventura destination resort.

“We will continue to further look at the launch of additional Ferrari theme parks outside of Europe with no rush, while continuing to maximise the value of our prestigious brand without diluting it.”