A £129million scheme to build a hotel complex in a part of Spain adored by British tourists is a step closer after an Emirati fund took over a company. Unicorn Royal Emirates bought the Santa Marta hotel firm for about £34.5m (40m euros).

That company is the owner of a hotel development in Estepona, Malaga, which is still not finished despite building work starting in 2004.

News of the acquisition has led local media to report that the 160-room hotel will finally be completed.

Each apartment will measure between 85 and 250 metres squared and boast a terrace and private pool, according to The Olive Press.

Restaurants will serve international cuisine, there will be a children’s play area and fitness spa at the complex.

Unicorn Royal Emirates CEO, Sergio Garcia, said: “It will be one of the most luxurious five star destinations in the region and one of the first branded residencies projects in all of Spain.”

A global real estate investment manager, Unicorn Royal Emirates focuses on the acquisition and management of “prime” property in cities across Europe, the USA and Africa.

On the Iberian peninsula, the company has projects in Malaga, Granada, Lisbon and Madrid.

Its investments include construction of 19 “luxury” apartments in Calle Moreti, Malaga, and nine more in Calle Vazquez Claver.

With its maze of white streets, Estepona itself is promoted as “the very essence” of a coastal Andalusian town by the local tourist board.

Highlights include Virgen de los Remedios, the town’s clock tower and the Castle of San Luis built in the 16th century.

There is also the Lighthouse of Punta Doncella which still guides vessels navigating the Strait of Gibraltar.

Estepona has a Bullfighting Museum which offers access to the town’s bullring.