Jon and Francisco Riberas, owners of Gestamp Automoción, have bought the Palacio del Retiro hotel in Madrid for close to €60 million, according to Expansión.
Located at number 14 Calle Alfonso XII, the luxury hotel comprises 50 rooms, a fitness centre, spa, a business centre, a restaurant and a bar.
Palacio del Retiro was previously owned by the Oriol family. In 2004, it underwent a renovation and was thereafter operated by the AC Hotels chain, founded by Antonio Catalán. The hotel is currently managed by Belagua, Catalán's company and operated under the Marriott Autograph Collection brand.
Why it matters
The size of the deal as well as the continued interest in hotels from one of Spain’s prominent business families can only be a promising sign for the Madrid hotel market, following a record year of transactions. According to Colliers’ Spanish Hotel Investment Report, in 2022, the value of hotel transactions in the Community of Madrid rose to €803 million, up 72 per cent from 2021. In total, seventeen hotels and 2,547 rooms were transacted. In 2022, Madrid accounted for 24 per cent of total hotel investment in the Spanish market, beating Barcelona.