PortAventura has broken ground on its new Ferrari-branded expansion, the first Ferrari Land to come to Europe.

To become the third theme park within the resort, near Barcelona, Spain, the €100m (US$113.3m, £72.1m) investment by PortAventura will see the 75,000sq m (807,300sq ft) development unfold over the course of the next two years.

The resort welcomes around four million visitors annually, of which nearly 50 per cent come from outside Spain. The park has forecast a jump to five-million visitors a year once Ferrari Land is open.

Ferrari Land will feature several rides, including the highest and fastest vertical accelerator in Europe. In addition, the development will include restaurants, large simulation areas for car racing, retail areas and a five-star premium hotel with 250 bedrooms.

Global design practice PGAV – in collaboration with Ferrari and PortAventura – is behind the design of Ferrari Land, which will include buildings styled to that of Maranello, the Italian town Ferrari is based in, tipping its hat to the history of the brand while also staying in theme with the resort’s Mediterranean style.

“From the outset, we have been clear about our intention to develop a long-term plan based on world-class international brands, with the aim of boosting the number of visitors and making PortAventura the best resort destination in Europe,” said Sergio Feder, PortAventura executive chair. “We are very proud to be collaborating with an iconic brand like Ferrari that enjoys huge prestige across the planet and to be developing Ferrari Land together, exclusively for the whole of Europe.”