After the investment drought in Spain, the real estate projects revive, especially in Madrid. The City Council decided to convert the Plaza de España Square into a hotel spot. The idea has been already picked up by four investor groups. The new vacancies will be brought mainly to the old Hotel Plaza, the Torre Madrid, the buildings situated at the numbers 3, 4 and 5 and the old trade premises of the Compañía Asturiana de Minas, (…).
“In light of the heat of the nascent economical recovery and the confidence that the square will be thoroughly renovated, the buildings surrounding the square, now unused, will become an object of desire”, say sources with knowledge of the session. (…).
This hotel macro project can provide more than 1.000 new hotel beds in the Spanish capital. The investment seems quite large if one considers addition to the 45.000 existing ones.
Hotel in Torre Madrid
Last week, the City Hall granted a hotel licence to open a 10-store hotel inside the Torre Madrid building which will be developed by Metrovacesa. (…) Right now the hotel has got 14 floors and the 4 remaining stores will be transformed into private houses. The developer plans creation of 259 rooms on 22.200 square meters. (…).
(…) The buildings at 3, 4 and 5 Plaza de España Square have been vacant since October 2012 and demolished. (…) The VP Hoteles Group obtained a licence for construction of a 4-star hotel, with 302 rooms on 20.000 square meters. (…).
The third project targets at number 8 of the spot, a building hosting Compañía Asturiana de Minas firm before. It belongs to the Mutua Madrileña. (…). The Teatro 1898 Group is interested in developing the unit. (…).
The last building is the most emblematic in all the Plaza de España Square: the old Hotel Plaza. The front part is owned by the real estate branch of Grupo Santander that acquired it in 2005 after paying 400 millon Euros to Metrovacesa. (…). The recession botched the plan to convert it into dwellings with which Santander charged Foster + Partners and Estudio Lamela Arquitectos studios. The building is a listed one. (…).
At present, the localization is intended for hotels, homes and tertiary sector. (…) The hotel installed there will cover 67.000 square meters of developable space, distributed among 28 floors (…). The property is worth 224 million Euros.
Original article: Expansión (Bernat García)
Translation: AURA REE