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Mexican Investor to Open a Luxury Hotel on Gran Via St., Madrid

23/10/2014 – Expansion

Gran Via street will see a new five-star hotel opening soon. The project aiming at converting the office building situated at number 31 of the famous Madrid artery into a luxury establishment has already been set rolling.

After coming to an agreement with the current tenants on making a u-turn in the commercial offer of the ground floor by adding smaller shops to the existing Real Madrid and Pull & Bear (Inditex) stores, the building structure is bound to be refurbished.

In the meanwhile, the owner of the property, Mexican investor Jorge Diaz Estrada, is looking for an operator for the establishment set to become one of the most frequently visited 5* hotels in Madrid when it opens in 2016.

Near that date, also a Four Season hotel will start welcoming guests inside the Canalejas complex, a project being developed by Juan Miguel Villar Mir‘s OHL.

Diaz Estrada is a veteran of the hotel sector as the family has got its own chain in Mexico and cooperates with such big-name international groups as Marriott.

Among the properties owned by the family in Spain, surely noteworthy would be the Edificio Tio Pepe building, presently housing an Apple store at the nearby Puerta del Sol square, and the Hotel Paris.

Aside from the Diaz Estrada’s project, the Gran Via street has seen several significant movements year-to-date. For instance, in 2015, the Hotel Ada Palace will re-open its doors, upgraded to five stars by Unico Hotels. A year later, Vincci will start operating the establishment located at numer 10 of the iconic street , and Platinum Estates will trade its dwellings planned to replace the Hotel Asturias rooms.

 

Original article: Expansión (by Yovanna Blanco)

Translation: AURA REE