25 January 2018 – Expansión
Splendom Suites – a group specialising in the management of luxury tourist establishments – has opened a new high-end apartment building in the centre of the Spanish capital and is looking for new opportunities to grow in Spain through the purchase, management and rental of hotel accommodation in the country.
Splendom Suites, which was created more than a decade ago with its first property in Barcelona, has just opened a new establishment in Madrid, 450 m from Puerta del Sol. Specifically, 11th Príncipe by Splendom Suites is located at number 11 Calle de Príncipe.
The new apartment complex is located in a building that dates back to the beginning of the 19th century. It has a surface area of 1,700 m2, spread over six floors and houses 36 family apartments of varying formats containing 124 beds in total.
The company has invested €900,000 in the repositioning of this property – owned by four individual shareholders – including the refurbishment of the façade.
The group, which ended last year with turnover of €3 million, forecasts revenues of €5 million in 2018.
“We are in the middle of a growth phase. We are looking for buildings that fit with our business model in Madrid and Barcelona, where we already have a presence, and in other tourist capitals like Málaga, for example”, explains Santiago Torras, co-founder and director of the group.
Currently, the company manages three luxury tourist apartment buildings in Barcelona and Madrid. All of its accommodation options offer hotel services. Specifically, Splendom Suites opened Grandom Suites in Barcelona in 2006. That establishment contains 45 beds and is located in Plaza del Doctor Letamendi.
The firm arrived in Madrid in 2013, with Splendom Suites Gran Vía. That property has 94 beds and is located at number 5 Calle San Onofre.
Original story: Expansión (by R. Arroyo)
Translation: Carmel Drake
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Source:: AURA Real Estate Experts