BARCELONA, SPAIN—PortAventura Entertainment S.A.U. has reached a licensing agreement with Ferrari S.p.A. to establish Ferrari Land, a new theme park dedicated to the global brand of Ferrari within the PortAventura destination resort near there.

The new branded site, expected to open in 2016, will be the sole Ferrari theme park in Europe and will envisage a total investment of more than €100 million, according to the company. Ferrari Land will include several rides, a new premium hotel with 250 rooms and five-star service, restaurants, shops and large simulation areas for car racing.

At present, PortAventura receives nearly 4 million visits annually, of which nearly 50% are from outside Spain.