The Portuguese Queiroz Pereira family has reportedly put the Villa Magna hotel in Madrid up for sale through its Sodim holding company with an asking price of €180 mln.

The Portuguese Queiroz Pereira family has reportedly put the Villa Magna hotel in Madrid up for sale through its Sodim holding company with an asking price of €180 mln.

According to Spanish press reports, the five-star hotel at Madrid's Paseo de la Castellana may represent one of the largest hotel sales in the local property market in recent years.

The owners bought the asset in 2001 for €80 mln and spent some €50 mln on renovating it between 2007 and 2009. The hotel currently offers 150 rooms and 50 suites and generated a turnover of €19 mln in 2013.