Hotel fans, start your engines.
Plans are on track to open the world's first Ferrari Hotel in a new Ferrari Land theme park in 2016 in Spain, a company spokesman confirmed to CNBC on Wednesday.
The 250-room hotel project promises 5-star service along with restaurants, shops and large simulation areas for car racing, according to PortAventura Entertainment, which has signed the licensing agreement with Ferrari S.p.A.
The Ferrari venture will be part of the PortAventura complex located near Barcelona. The complex currently draws about 4 million visitors annually, with nearly half of those from outside Spain, the company said.
PortAventura plans a €100 million investment to create the Ferrari Land theme park, which will be dedicated to the global brand of Ferrari and include the highest and fastest vertical accelerator ride in Europe.
"Ferrari Land will appeal to entire families as well as Formula One supporters," Andrea Perrone, managing director of Ferrari Brand, said in a statement announcing the project. "We will continue to further look at the launch of additional Ferrari theme parks outside of Europe with no rush, while continuing to maximize the value of our prestigious brand without diluting it."