Pau Guardans As Favorite At Bidding For Hotel Ada Palace In Madrid

19/09/2014 – Expansion

Hotel Ada Palace is situated at number 2 of the Gran Vía street in Madrid. Ever since closed on April 29th, the establishment has been looking for a new manager. The odds are high that Pau Guardans, the CEO of the Unico Hotels & Real Estate, will soon take this position as the entrepreneur has taken the lead among both foreing and domestic hotel chains that would certainly like to snap up the precious property, like Melia, NH, Vincci and Room Mate.

Mr Guardans owns three hotels in Bilbao (Hotel Miro), Barcelona (the Gran Hotel Central, the owner pictured on its roof) and Madrid. In the capital, the businessman operates Hotel Unico, disposing of 44 keys and located on the Claudio Coello street. He bought the establishment in 2011 from Rayet for around €18 million. In 2007, Rayet and Guardans decided to invest together €350 million in five high-end hotels but due to arrival of the crisis, the plan fell through.

The property belongs to La Real Gran Peña, a private equity firm set up by servicemen in 1869. Conflict between the company and the tenant of the hotel, Corporación Hispano Hotelera, led to the closure of the establishment.

The owner denies having selected a new manager and admits that the 80-room hotel will have to undergo a refurbishment. The property is notworthy, if only because of its terraces known Madrid-wide.


Original article: Expansión (by Yovanna Blanco)

Translation: AURA REE