The Former Adler Hotel now has a Swiss Tenant Following its Conversion into Offices

The consultancy firm CBRE has been responsible for the commercialisation of the building, as well as for its management and building work.

CBRE has been responsible for the commercialisation of the building, as well as for its management and building work. The property, which is located at the intersection of two iconic streets in Madrid, Velázquez and Goya, is owned by a private investment firm.

The building, formerly known for housing the Adler Hotel, spans more than 2,000 m2 (2,163 m2) and now comprises offices equipped with the latest technologies.

Velázquez 33 will host the new headquarters of a Swiss multinational, specifically, a security provider that offers secure solutions and services for identification, traceability and authentication.

The Luksic Family will Reopen Hotel Adler in Madrid at the End of 2019

18 March 2019 – Preferente

The Luksic family is going to reopen the Hotel Adler in Madrid with BBVA as its main tenant, after the bank closed a rental agreement to occupy three floors of the property, spanning almost 1,600 m2.

The wealthy Chilean family purchased the iconic property, which is located on the corner of Calles Velázquez and Goya, in the heart of the Salamanca neighbourhood, from the Vázquez family for €27 million.

The new tenant is expected to move in during Q4 2019 since the building work is still in a very initial phase. BBVA is going to open a new multi-functional office/branch in the property.

Original story: Preferente (by R.P.)

Translation/Summary: Carmel Drake

The Luksic Family Buys Hotel Adler In Madrid

22 December 2016 – El Confidencial

It is located on one of the most important corners in Spain. The intersection of Calles Velázquez and Goya has been home to the Hotel Adler for decades. It is one of the most ancestral establishments in Madrid, renowned for its restaurant, Nimú Bistró, and for its maximum discretion, a virtue that led it to host some of the most important business people and politicians in the country.

Reigned over by the Vázquez family, one of the most important entrepreneurial dynasties from Castilla y León, the property said goodbye to its last client this week and on Sunday, according to sources in the know, it will finish making all of the staff redundant; the employment contracts are more than a decade old in many cases.

This drastic decision is the result of the sale of the building, in an operation that began to take shape, with the discretion that characterises the Adler, four years ago, and which has been finalised this month, with the closure of the establishment.

In December 2012, the Luksic family, the wealthiest fortune in Chile and one of the most important in the world, acquired the hotel’s presidential suite by purchasing the property that houses it for almost €27 million. Nevertheless, the Vázquez family reserved the right to purchase it for five years and manage the hotel for the same period, which means that, initially, it will only receive a profit of €8.4 million from this operation.

Over the next two years, a special plan was processed to change the use of the property to retail and offices, work that was performed by Ruiz Barbarin Arquitectos (…).

In December 2015, the Vázquez family declined to exercise its call option, two years early, and sold the property for €19 million “by virtue of a contract signed with Topland Investments”, according to a statement in the audit report for the company Iova, through which the family used to control Hotel Adler.

Behind Topland Investments is Sandypoint, one of the many entities that comprises the Luksic’s emporium, whose fortune amounts to $12,100 million (€11,600 million), according to Forbes and whose flagship company is Antofagasta, the copper mining giant, which is listed on the London Stock Exchange.

Although that is the main business, the Luksic family has also been building up its hotel emporium over the last two decades, focusing above all on Croatia, where it has become the largest operator in the country through three companies: Adriatic Luxury Hotels, Plava Laguna and Istraturist.

In Madrid, by contrast, it seems to have other ideas and after obtaining approval for the special plan to change the use of the property, it is expected that the sought-after corner of Goya and Velázquez will become home to a major fashion firm, although the option of turning the building into offices has not been ruled out.

Hotel linked to a family

In 1998, the late Antonio Vázquez Cardeñosa acquired the property at number 31 on Calle Goya, with the idea of converting it into a luxury hotel, with an investment, to cover the purchase price and the renovation, of 2,000 million pesetas at the time (equivalent to €12 million at current prices).

Two decades later, the property has changed hands and use, although the Vázquez family plans to open another establishment in a new location in the capital. (…).

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake