Homely Capital is set to develop a new 54-room boutique hotel at Plaza de Tirso de Molina 20 in Madrid, through the comprehensive refurbishment of a 2,100 sqm building.
The project forms part of the company’s value-add investment strategy, focused on repositioning and actively managing assets with potential for value creation.
The building already has planning permission for hotel use, allowing it to operate as a hospitality asset. Homely Capital said this is particularly attractive given the restrictions on new hotel developments and tighter regulation of tourist accommodation in central Madrid.
The project is the company’s second intervention in the capital, following the refurbishment of Doctor Cortezo 15.
The development coincides with the ongoing transformation of Plaza de Tirso de Molina, where Madrid City Council is investing close to €3 million in improvements to public space, accessibility, green areas and infrastructure.
“Our objective is to transform the building while preserving its character and, at the same time, contribute to the new phase that Plaza de Tirso de Molina is experiencing”, said Amadeo Navarro, co-founder of Homely Capital.
The hotel will also include a ground-floor commercial space intended for a restaurant or premium café.
