Generali Buys Calle Arenal, 4 in Madrid

24 October 2018 – Expansión

Yesterday, Generali Real Estate, the real estate arm of the Italian insurance firm, announced the purchase of a property at number 4 Calle Arenal in the centre of Madrid. Dating back to the second half of the 19th century, the building is home to a Petit Palace boutique hotel.

With eight floors and a total surface area of 3,600 m2, the building includes commercial premises at street level and on the first floor, whilst the hotel offers its services on the upper floors. This is the second operation that Generali Real has undertaken in the area following its purchase of the property located at Preciados 9 early this year, which was historically occupied by El Corte Inglés. That building was chosen by Pull&Bear for its largest store in the world after Generali’s manager renovated the entire property.

In the operation, Generali has been advised by DLA and Arup, and the vendor by CBRE. Neither the name of the former owner nor the amount of the consideration paid have been revealed. In Spain, Generali Real manages a local portfolio, primarily in Madrid and Barcelona, whose value exceeds €1 billion.

Original story: Expansión

Translation: Carmel Drake

Silken to Manage Boutique Hotel in Las Palmas

2 November 2017 – Alimarket

The hotel chain Hoteles Silken has embarked on a new project, which will see it take over the management of an urban boutique hotel. The property, which is currently under construction, is located in Las Palmas de Gran Canaria, specifically on Calle León y Castillo, 329-331. The building has a surface area of 3,300 m2 and overlooks the beach (Playa de Las Alcaravaneras). It will comprise six floors and offer 66 category 4E rooms. In this way, Silken has added its second unit in the Canary Islands, after it inaugurated ‘Silken Atlántida Santa Cruz’ (4E-144), in Santa Cruz de Tenerife, in 2001.

The hotel is owned by Sanjay Bhagvanji Bhagvanji and Amarsi Ajay Bhagvanji Pradhan, through the company Saaj Hotels Invest, which was constituted in December 2015 and endowed with share capital of €1 million. It is the first hotel project that these businessmen have embarked on together, although they may undertake more in the future. For the time being, the construction work on the new establishment is progressing well and is expected to finish between September and October 2018. The final name of the property could be ‘Silken Saaj Las Palmas’.

Silken will not only manage the new hotel in Las Palmas once it is fully operational, it will also assume responsibility for everything relating to its launch from now on. The building, which will have a diachronic façade made from glass panels with changing colours and reflections, will house a double-height lobby on the ground floor, where the reception, breakfast room and a multi-use space will be located. The 66 rooms will be distributed evenly (11 per floor) whilst the top floor will be reserved for a restaurant and a chill-out area linked to the gastronomic space. Moreover, the hotel will incorporate strict light and sound control insulation measures. The design of the facilities, moreover, will result in an energy efficient building, “a property that is the hallmark of Hoteles Silken”, according to a statement. Meanwhile, “the attention to detail of the interior design project will translate into environments that will distil elegance and domesticity, offering users a familiar experience, with the benefits of the latest advances in home automation and light design”.

Original story: Alimarket (by Paco Mota)

Translation: Carmel Drake