Spain: Alternative asset manager Limestone Capital has acquired the Hotel Axel on Calle de Atocha in Madrid from Hotel Investment Partners.
Hotel Axel is an 88-room avant-garde hotel located between Plaza Mayor and Park Retiro in the city. Amenities include a rooftop pool and a bar and restaurant.
Limestone plans to “expand its potential value” in the future. The acquisition marks the second for the group in Spain following the purchase of the Mar Y Pins hotel in 2021.
Benjamin Habbel, CEO of Limestone Capital, said: “This acquisition represents a great milestone for Limestone Capital by expanding our presence in Spain and adding another urban destination to our European portfolio. We are deeply committed to the growing hospitality sector in Europe and actively exploring numerous avenues for value-add acquisition and growth.”
Limestone Capital co-founder Jeff Coe added: “Madrid has shown strong growth in the hotel real estate market over the past few years, and that growth will continue by being a key European Capital and gateway city to the Americas. We are actively looking for unique assets in unique locations, and this hotel in Madrid fits perfectly within that strategy.”
The acquisition price was not disclosed. Hotel Investment Partners (HIP) has a portfolio of hotels and resorts in southern European and is owned by Blackstone-managed funds.