22/10/2014 – Expansion
Hotel switch in the heart of the Spanish capital. From January 1st, Hesperia will hand over the management of the Hotel Emperatriz to Barceló. The 4*, 158-key establishment is located at 4, Lopez de Hoyos street, a minute-walk from the central artery Paseo de la Castellana.
Barceló finally meets its target of entering Madrid’s center as until now it owned only establishments in the Manoteras and San Blas areas, as well as one in the nearby town of Aranjuez.
According to sources from the sector, the chain controlled by the Barceló family has been chosen by the hotel’s owner, Antonio Saorin Alarcos and his Inversiones y Patrimonio Castellana, a company holding several office buildings in Madrid, such as the Edificio Cuzco IV at 141 Paseo de la Castellana street.
Over the past years, the tenant and the landlord have come to an agreement to modify the rental payment set up in 2006. In spite of the amendment, Inversiones y Patrimonio Castellana remained uncertain facing the delicate situation Grupo Inversor Hesperia fell into.
And despite Barceló being the cert, still questions about the new contract duration are being asked. Also, a reform of the establishment and upgrading it to a 5* hotel is being considered. Implementation of this project would cost around €10 million.
Barceló underpins interest about other ventures in Madrid, such as the Miguel Angel or creation of a hotel on the three first floors of the Torre Madrid skyscraper in the Plaza de España square and owned by Metrovacesa.
Original article: Expansión (by Yovanna Blanco)
Translation: AURA REE