Room Mate Hotels takes lease on AXA Madrid property

George Sell By George Sell
06 February 2017 | Updated 06 February 2017

Spain: AXA Investment Managers has agreed a pre-let on a property on Madrid’s Gran Via with Room Mate Hotels.

Spain: AXA Investment Managers has agreed a pre-let on a property on Madrid's Gran Via with Room Mate Hotels.

AXA acquired the property for  around €40 million last year, on behalf of an institutional client.

Situated in a prime location in central Madrid, the 7,500 square metre hotel is a historic building comprising 130 bedrooms, across 10 floors, which AXA plans to fully renovate, with a target opening in 2018/2019. 

Hermann Montenegro, head of asset management and transactions in Spain at AXA IM - Real Assets, said: "The acquisition of this property represents a rare opportunity to invest in a prime and distinct central Madrid hotel, which was vacant at the time but offered considerable asset management potential. We are currently in the process of finalising our plans for a full refurbishment of the hotel. Securing such a distinguished operator as Room Mate Hotels is central to what we are trying to achieve and to unlocking the value of this great asset. Gran Via is regarded as the Broadway of Madrid, regularly drawing record numbers of visitors to its high concentration of retail and leisure attractions, and we believe that the new Room Mate hotel will further enhance its appeal."

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