Drago Capital To Convert Banco De Andalucía’s HQ Into A Hotel
23 February 2016 – Expansión
The historical headquarters of Banco de Andalucía has new owners and a different future. Drago Capital, which has purchased the building from Popular, together with a Spanish family office whose identity has not been disclosed, will convert the property into a hotel.
Expansión revealed on Thursday that the investors have paid €25 million for the property, which is located right in the centre of Sevilla. The building has a constructed surface area of 8,300 m2 and includes a basement, ground floor with mezzanine and six other floors.
The hotel will occupy the upper floors of the building, whilst the lower floors will contain a spacious area of commercial premises covering approximately 2,000 m2 of gross leasable area (GLA). McPherson Consultores has been engaged to market the premises.
According to sources at Drago, the firm will take responsibility for managing the building work itself. Recently, it led a consortium to undertake the complete renovation of the iconic building at Gran Vía, 32 in Madrid, which was acquired by Pontegadea a year ago.
Original story: Expansión (by Lidia Velasco)
Translation: Carmel Drake