Main Photo: The Madrid Edition
Date: March 2020
Location: Puerto del Sol, Madrid, Spain
Names: Madrid Edition – opening May 2021
No. of Keys: 200
Seller: KKH Property Investors…headquartered in Barcelona, KKH Property is a joint venture between KKH Capital, the investment group controlled by the former CEO of Renta Corporación, Josep María Farré, and Perella Weinberg, which owns a stake in this partnership through one of its opportunistic funds.
There was a plan back in December 2018, when KKH had agreed to sell the five-star hotel that it is building in the former headquarters of Monte de Piedad, in the centre of Madrid to the Malaysian group YTL Corporation, which was going to pay €220 million for the property.
Buyer: However, it looks like that never happened, as Archer Hotel Capital today announced that it has signed an agreement to acquire the 200-room Madrid EDITION for the same purchase price of €220 million.
The luxury hotel is currently being developed by KKH Property Investors and is due to open in May 2021, at which point the completion of the transaction is envisaged. KKH, which previously developed the Barcelona EDITION, was advised on the transaction by HVS Hodges Ward Elliott.
“We are delighted to have found an agreement with KKH for the acquisition of our second property in Madrid. KKH has put together an attractive scheme and we are confident the Madrid EDITION will be one of the most exciting hotel openings across all of Europe in 2021.”, said Dominic Seyrling, Director, Investments for Archer Hotel Capital.
Price per Key: €1,100,000
THPT Comment: Archer now have a great portfolio of 11 classy hotels across Europe, from the Conrad Dublin to the Hotel Arts Barcelona, Westin Palace Madrid, Le Meridien Piccadilly London and others, with some 4,000 keys with this deal.
First Seen: Hospitality Net
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