Madrid's Hotel Villa Magna sold to Dogus Group for €180m

Turkey’s Dogus Group has bought the five-star Hotel Villa Magna in Madrid for a reported €180 mln.

The 150-bedroom hotel was put on the market last summer by Portugal's Queiroz Pereira family through its Sodim holding company.

Financial deals of the transaction were not disclosed, but Spanish paper El Pais reported that the sellers achieved the asking price of €180 mln.

JLL’s hotels & hospitality group advised the vendors on the sale.

Sodim SGBS acquired the hotel in 2001 and carried out a two-year refurbishment, opening in January 2009. The hotel is located on Paseo de la Castellana, Madrid’s prime commercial thoroughfare, and rated as one of the most luxurious in Spain.

Istanbul-based Dogus Group comprises around 250 companies and employs more than 50,000 people in eight sectors, including real estate, construction, tourism and media. Its two real estate subsidiaries, Dogus REIT and Dogus Real Estate Investment and Management, had total assets of TL€1.34 bn (€423.5 mln) at end-2014.