Ferrari announces first European theme park in Spain

Ferrari has announced its first European theme park for Barcelona's Port Aventura resort, featuring the highest and fastest vertical accelerator on the continent.

Ferrari has announced its first European theme park for Barcelona's PortAventura resort, featuring the highest and fastest vertical accelerator on the continent.

The €100 million ($139.5 million) Ferrari Land project will cover 75,000 square meters and feature a variety of attractions for all ages. The site will also welcome the Italian brand's first Ferrari-themed hotel, a luxurious 250-roomed establishment.

The collaboration follows the successful debut of the world's largest indoor theme park, Ferrari World in Abu Dhabi, which opened in 2010. CEO Andrea Perrone said Ferrari would continue to consider additional destinations outside Europe to expand the concept, but said, "The brand is our most important asset and we have to enhance its value without diluting it."

"PortAventura is one of the leaders in Europe's tourism sector, while Ferrari is an iconic company that represents the very best of Made in Italy," said Andrea Bonomi, Senior Partner at Investindustrial, the group which owns PortAventura. "The synergy between the two groups creates a powerful combination that means we can offer clients of both brands a unique experience."

PortAventura is the Mediterranean's most popular theme park and the second most-visited in Europe, welcoming 4 million visitors per year. Ferrari Land will officially open in 2016.