The Edificio España – formerly the Hotel Crowne – in Madrid has been a great headache since Santander acquired it in 2005 for the controversial fund Santander Banif Inmobiliario for more than 400 million Euros.
Since that time, the group has been trying to renovate the building without success. Once the recession had ended, Santander attempted to sell the property and although some Chinese, Latinamerican and the Middle Eastern funds were interested in purchase, the bank has never received any concrete offer.
The lack of the buyer pushed Santander to seek a refurbishment project that would give a way out (within few months) to the building valued at 224 million Euros. On the other hand, sources close to the talks claim that obtaining relevant licences sooner than in 2 years could be impossible.
Orignal article: ExpansiónPro (A.A., Wednesday, 29th January 2014, pp 17)
Translation: AURA REE