Brookfield Asset Management has purchased the Hotel Princesa Plaza complex, located at Calle Princesa, 40 in Madrid from Colony Capital for €175 million.
The asset comprises three buildings and a total area of almost 60,000 sq m distributed across hotel, retail, office and parking uses.
The four-star hotel includes 423 rooms with three F&B units and almost 1,000 sq m of event space. The retail space occupies most of the street floor, with nine units bringing together a total of 8,064 sq m occupied by recognized brands such as Starbucks, El Corte Inglés and Massimo Dutti. The office area of 5,666 sq m is currently unoccupied and the car park comprises 14,000 sq m.
Savills, alongside the legal team at Baker Mckenzie, has advised on the sale process of the emblematic hotel in Madrid to Brookfield.
Through its asset management team in Madrid, Savills has been responsible for managing the hotel since 2017, including its reopening and the restructuring of the operating model.
For Brookfield, this transaction represents a strategic addition to the Selenta platform, which it acquired last year, enlarging its presence in a key market in Spain.