The Madrid City Council has initially approved the special plan for the rehabilitation of the building located at number 20 of the famous Gran Vía, which will allow the construction of a new luxury hotel, according to El Confidencial.
The building, built in 1919, was originally a rental house, but was converted into offices in the 1990s. The new special plan, which was driven by French real estate fund Zaka Investment, the firm that bought the asset at the end of 2019, will allow for the extension of the building to house the hotel.
The new establishment, which will be operated under the Brach brand, will have 58 rooms and suites and will become the thirteenth five-star hotel in the Spanish capital.
The new Brach hotel is scheduled to open in 2024. The brand, owned by Evok, has establishments in Paris, London, New York and other cities around the world.
