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

US Firm Choice Hotels Finalises Purchase Of Petit Palace

26 July 2016 –

The US group Choice Hotels is finalising the purchase of High Tech, the owner of the Petit Palace brand, in an operation that is estimated to be worth between €120 million and €130 million.

Conversations between N+1,which controls 52% of the hotel chain, and the US giant started months ago and have been advised by KPMG. On 24 June, they reached a pre-agreement and the due diligence then began immediately. The operation is expected to be finalised this month or next.

In addition to the 52% stake owned by N+1, Choice Hotels will also acquire the share capital held by the minority shareholders, led by the team that founded Petit Palace, owner of a 26% stake, as they have an option to participate in the sale. This purchase will represent the US giant’s debut in Spain; it is the sixth largest hotel group in the world.

Original story:

Translation: Carmel Drake