30/09/2014 – Expansion
The Gran Via street in the capital of Spain extends its hotelier offer. The heart and soul of tourism and shopping is going to see a new 4-star, 88-key hotel establishment opening its doors in the building number 10, located between the Alcala and the Montera streets, as soon as in 2016.
The owner of the property, insurer Generali, decided to award management of the new hotel to Spanish chain Vincci, controlled by the Calero family.
Before, the building housed local Ministry of Education.
Renovation cost of the property is said to oscillate between five and seven million euros.
Generali’s real estate portfolio includes 28 buildings in Spain. Through its property managing arm, the insurance company administers 2.500 assets scattered all around the world. Their market value totals at €28 billion.
Thanks to the alliance with Generali, Vincci will open its sixth establishment in Madrid and the third on the Gran Via street. One of the 4* hotels is situated between the Callao and the Espana squares, at number 41. Hotel Vincci Capitol is hosted by the old Edificio Carrion building, easily recognized by the Schwepps illuminated sign on its facade. The other establishment, Hotel Vincci Via, stands farther up the street, at number 66.
Apart from these establishments, the Caleros share ownership of four hotels more on the Gran Via with Antonio Briones and Max Mazin. Three of them are operated by Tryp (Melia), while the fourth, Hotel Rex, was taken under the wings of Keytel (Hotusa).
At the end of 2013, Vincci’s results showed a €144 million turnover, proceeding from 34 hotels and 4.897 rooms found in Spain, Portugal and Tunisia.
Not long ago, another Gran Via hotel, the Ada Palace, has changed the operator for Unico Hotels.
In the last years, the artery of Madrid has significantly improved its image as the shopping spot. In 2013, Inditex opened thereon a Zara store at number 34. Some time later, C&A added a shop of 2.500 square meters inside the brand-new building designed by Rafael de la Hoz at number 48. Likewise, in 2015, Irish chain Primark will open its new 9.000 square meter, three-storey department store at number 32.
Original article: Expansión (by Yovanna Blanco)
Translation: AURA REE
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Source:: AURA Real Estate Experts