Ferrari Land will open in 2016, and aims to take a share of the four million tourists visiting PortAventura annually
Planned attractions at Ferrari Land will include the highest and fastest-accelerating vertical ride in the world
A five-star luxury hotel will be built on the site, with 250 rooms
Ferrari will build a new theme park and hotel in the Spanish resort of PortAventura, which will open in 2016.
The company announced today it had sold licensing rights to build the new theme park, dubbed Ferrari Land, to the resort's management. The deal involves an investment of around £84 million to build a theme park and hotel within the site.
The plans include a rollercoaster which PortAventura claims will be the highest and fastest-accelerating vertical ride of its kind, as well as a five-star hotel with 250 rooms, restaurants and a driving simulator.
PortAventura, located close to Barcelona, attracts around four million visitors annually, with half of those coming from outside of Spain.
Ferrari Brand boss Andrew Perrone said: "After the success of Ferrari World in Abu Dhabi, we received many, many requests to develop new amusement parks.
"[This] is a very solid plan developed by competent people that will bring the magic of Ferrari to Spain, a nation where we have many supporters and enthusiasts, and to which large numbers of tourists flock each year".
Ferrari World in Abu Dhabi opened in 2010, having started construction in 2009. The site features a number of attractions and rides, including displays of the brand's most famous cars as well as a miniature racing track and a rollercoaster which is claimed to be the fastest in the world.