Sale of the Innside Madrid Génova sets a new record

The Armando Alvaréz Group is the new proprietor of the Hotel Innside Madrid Génova, sold by EDTL, represented by JLL Hotels & Hospitality Group, a transaction which came to a final sum of more than 400,000 euros per bedroom, thus setting a new precedent in terms of prices practised in hotel investment involving four star hotels in the Spanish capital. 

Although the final total for this transaction has yet to be revealed, the final reckoning for this 65-bedroom hotel (including four suites) and an area of 3,700 m² should be in the order of 26 million euros.

Luis Arsuaga, director of JLL Hotels & Hospitality Group, commented, “This transaction is one more example of the draw that the hotel market in Madrid has over investors. In 2016, the national investment total came to 2,155 million euros, the second highest in the last decade, of which 28% was invested in the capital. Everything indicates that this trend will continue through the year and that interest in our country, and in Madrid in particular, continues high, and continues to grow.”

According to news for the Spanish Real Estate portal, the unit will be part of the Sardinero Hotels chain, held by the new owner, establishing the brand’s entry into the capital of Spain. Inaugurated in 2003, after remodelling work to change the use from residential to hotel, the hotel will be located in one of the most exclusive areas of Madrid: the Praça de Alonzo Martinez.