Conversion of office building in the centre of Madrid, sold to Henderson Park
- This hotel opened in June 2019, after a 3-year renovation period, fully booked from the first day. It is a 4+ star property with 139 keys and is under management by the leading global hotel operator.
- The Fund Manager acquired the former office building off market in 2016 by directly approaching the owner through our extensive network of contacts. We obtained exclusivity and avoided a competitive bidding process.
- With its location in the heart of Madrid’s touristic and commercial activity, we identified the building as having potential to convert into a hotel.
- The Fund Manager secured bank financing, appointed advisors, project managers, architects, consultants, construction firm and future operator. We then secured the permit for use and conversion to a hotel.