Aloft Madrid
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.
- We 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.
- SafeGuard 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.
HIGHLIGHTS
€ 30 Million
Purchase Cost
€ 15 Million
Conversion Cost
€ 58 Million
Disposition Value
3.5 Years
Holding Period
€ 20 Million
Equity
€ 13 Million
Capital Gain
15%+
IRR
About
- SafeGuard Real Estate Management (SafeGuard) is a global real estate owner & investment manager with its headquarter in Singapore.
- SafeRE is fully digitalized, eliminates transaction cost and intermediary fees, and delivers more transparency to real estate asset owners and investors.
- SafeGuard is employee-owned and currently manages the SafeGuard Platinum Real Estate Fund, the Asia Hospitality Capital platform, and various mandates investing in global real estate.
- More than 100 years of professional senior executive experience in real estate, finance and technical management roles with US$ 6 billion+ of corporate and real estate acquisitions and divestments globally.
- Transactions in Spain, U.K., Germany, Singapore, Hong Kong, Korea, Taiwan, Pakistan.
- Billion-dollar IPO at 3x multiple; Billion-dollar hospitality REIT listing.
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