Spain: Princeton Investments has sold its building close to the centre of Madrid to Boissée Finances, which plan to convert the property into a 155-room hotel.
Located on Calle Fomento in Plaza de Santo Domingo, the new hotel is set to include one of the largest rooftop swimming pools and terrace spaces in Madrid.
Princeton initially purchased the building in 2015 on a sale and leaseback basis from Telefonica. The disposal marks the completion of their business plan.
Over the past five years, Princeton have been acquiring a number of high-profile residential and student developments in the Spanish market, as well as office investments. The completed value of its investment programme here is in excess of €200 million.
CBRE and Uríe Menéndez advised Princeton on the process.
Commenting on Princeton’s latest sale, Miguel Casas Albandor, head of hotel investment properties in continental Europe at CBRE, said: “The building has all the characteristics to become one of Madrid’s most iconic hotels. It stands out by its location and layout, with more than 500 square-metres of rooftop terrace that has amazing views over Madrid’s historic centre. The positive hotel trading and investment environment in the city is positioning Madrid as one of the top European capitals within the hotel investment market”.