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Thursday, February 22, 2024

Ashurst advises Round Hill Capital on €120m hotel acquisition in Madrid

Ashurst has advised Round Hill Capital on the acquisition of the landmark hotel Florida Norte in Madrid for €120 million, including refurbishment costs.

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The 400-bedroom Florida Norte hotel is located across the Príncipe Pío shopping centre, close to Plaza España and the Royal Palace. The establishment has 24,000 square metres. The company has announced that the asset will be remodelled into an aparthotel with a target audience of students and young people. Developed by Ruesma and designed by Morph Estudio, the space will include a gym, co-working and indoor garden.

Oscar Bernaldo de Quiros, head of Southern Europe investment at Round Hill Capital, said: “We are continuing to seek out new opportunities across other key cities in Spain, Italy and Portugal to strengthen our presence across the region and build on our success.”

The team was led by Real Estate partner Cristina Calvo; along with Real Estate associates Román Hierro and Félix Tirado. The team was also assisted by the following departments: Tax (Ricardo García-Borregón and Michel Macedo, partner and associate respectively) and Employment (Cristina Grande and Carmen Gordillo, head of Employment and associate, respectively).

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