Internos Global Investors has completed the €45 mln acquisition of the Suecia Hotel in Madrid from local operator Explotadora de Hoteles EDTL.
Internos Global Investors has completed the €45 mln acquisition of the Suecia Hotel in Madrid from local operator Explotadora de Hoteles EDTL.
The transaction was part of Internos' Hotel Real Value Plus value-add mandate.
The four-star hotel provides 127 rooms, a restaurant, bar, six conference rooms and 13 parking spaces in the historical centre of Madrid. Spain's NH Hotel Group will operate the hotel under a long lease comprising fixed and variable rent components. .
'The acquisition of this hotel allows to add value due to the change of the brand, improvements to the property, the new long term lease, the on going recovery in the Madrid hotel market as well as the increased diversification of the hotel portfolio within the fund,' said Jochen Schaefer-Suren, the partner managing Internos' Hotel and Leisure division and this value add mandate.
The deal raises the number of hotels managed by Internos to 16, representing a total value of nearly €550 mln. Internos' hotel and leisure division was founded in 2011.
The company has over €250 mln of capital for acquisitions this year, on behalf of the value add mandate and for the group's second Internos hotel fund, Enhancing Core Values.
