Madrid Redesigns Its Hotelier Offer

9/02/2014 – Expansion

The year 2014 brought Madrid a rude awakening in the hotel sector, with appearance of new establishments and a great number of ongoing projects foreseen to be finished in the next years. The tendency is growing, despite the continuous decline of the tourists in the capital. Their number fell by 30% since 2008, according to data provided by the Institute for Tourist Studies.

Francisco Arroyo, sales manager of the hotel Indigo, says that “recovery peeps in”. “(…) We target at a high aquisition power 25-45 year-olds. 80% of them is usually foreign, principally they are British and then the Northern Americans”, he adds.

(…) Among the hotels to be opened in Madrid there are: the Intercontinental Indigo Gran Vía on the Silva Street, the Meliá Inside Suecia at the 4 Marqués de Casa Riera Street, the Four Seasons in the Canalejas complex, the VP Plaza de España at 3, 4 and 5 Plaza de España Square (squattered by 2012), the Ayre Estación de Atocha in the corner of the Infanta Isabel and the Alfonso XIII streets, the One Shot at 4 Salustiano Olózaga Street and the NH Villa de Madrid at 8 Mejía Lequerica Street. (…).

We shall add several projects to the hotel list above. One of them is the hotel at 200 Castellana Street (currently in hands of Sareb, BBVA, Santander, Banco Sabadell and Reyal Urbis and on sale for €150 million), three buildings in Plaza de España Square (Torre de Madrid owned by Metrovacesa, Edificio España that is managed by Banco Santander´s real estate, the old premises of the Compañía Asturiana de Minas possessed by Teatro 1898 S.L group) and the property located at 10 Gran Vía Street.

The majority of the buildings are the subsidized ones and they need special permissions for redesign. (…).

Original article: Expansión  (Daniel J. Ollero)

Translation: AURA REE

49