5 May 2017 – Real Estate Press
The Armando Álvarez group has acquired the iconic Hotel Innside Madrid Génova to form part of its Sardinero Hoteles hotel chain. JLL Hotels & Hospitality Group has advised the seller on the transaction.
This four-star hotel has 65 rooms, four of which are suites, as well as a breakfast area, a cocktail lounge, 2 meeting rooms, a gym and two magnificent terraces, all spread over a total surface area of 3,700 m2.
In its new phase, the Hotel Innside Madrid Génova will be operated by the buyer group itself, which has prior experience in hotel management. This is a strategic asset for the Armando Álvarez group, which sees the arrival of the Sardinero Hoteles brand to the Spanish capital, as well as due to the intrinsic real estate value of the building.
Inaugurated in 2013, following a refurbishment that involved the change of use of the property from residential to hotel, it offers a perfect balance between historical features and modern facilities. Moreover, it has an excellent location, next to one of the most exclusive areas of Madrid, in Plaza de Alonso Martínez, close to the main shopping areas (Calles Serrano/Fuencarral), businesses district (Plaza de Colón/Paseo de la Castellana) and cultural and leisure offerings (Chueca/Malasaña/Alonso Martínez).
The price paid per room, which exceeds €400,000, sets a new precedent for four-star hotels in Madrid.
According to Luis Arsuaga, Director at JLL Hotels & Hospitality Group, “this operation is an example of the strong investment appeal that Madrid in terms of hotels. In 2016, investment volume in the hotel segment amounted to €2,155 million across the country, the second-best level in the last decade, of which almost 28% corresponded to properties in the Spanish capital. All indications are that the trend will continue this year and that the interest in Spain and in Madrid, in particular, still has a long way to go, and will continue increasing”.
Original story: Real Estate Press
Translation: Carmel Drake