Italian automotive marque Ferrari has signed a licencing agreement with PortAventura Entertainment, a subsidiary of European investment group Investindustrial, to build a Ferrari Land theme park outside the Spanish city of Barcelona.

The project will involve an overall investment of €100m ($138m) and is scheduled to open in 2016. It will be located inside the PortAventura resort, which already welcomes four million visitors a year, 50 per cent of whom come from outside Spain.

Ferrari said in a statement: “Ferrari Land will cover 75,000 square metres and include a variety of new and exciting attractions for Prancing Horse enthusiasts of all ages, including Europe’s highest and fastest vertical accelerator.”

The development will also include the first Ferrari-themed hotel, which will be a luxury five-star establishment with 250 rooms, restaurants and a driving simulator.

Spanish superstar Fernando Alonso has driven for Ferrari’s world-renowned Formula One team since 2010. The Ferrari Land development marks the company’s latest venture in this area after it opened the Ferrari World amusement park in Abu Dhabi in 2010