Though home to natives for centuries, I was officially founded in 1718. I was named after Philip II of France, though for a while I enjoyed living the Spanish high-life. I've been purchased a couple of times and though I'm best known for my current partying lifestyle, I made my mark in the trade business. Mother Nature hasn't been too kind over the years and I've been under the weather more than once, but I always rise back up.
Who am I?
Last weeks answer: The Oscars