It appears that investor interest in Spain’s business hotels investment market is hotting up. Completions of three hotel sales transactions have been announced in the Madrid hotels investment market over the last seven days.
The largest transaction for €122m involved the Princesa Triangle complex located in Calle Princesa, Madrid, made up of two hotels operated by the Husa chain, Husa Princesa and Husa Moncloa, an office building of 5,011 square metres, various retail units and a car park. BNP Paribas Real Estate, which acted for Metrovacesa, had been working on the transaction since September 2009.
The other transaction was a sale and leaseback by the Abba hotel chain of the Castilla Plaza Hotel also located in Madrid. The transaction, at a price in the region of €33m, represented a yield in excess of 7%.
Transactions in the hotels investment market in Spain have recently been very few and far between and hotel agents hope that these Madrid hotel deals mark the commencement of a renewed period of activity in the Spanish hotels market. For detailed information on property transactions in the Spanish commercial real estate investment market contact: | i-comparables.com