Meridia Real Estate III, owned by Meridia Capital, has sold to Azora the Madrid Chamartín Affiliated by Meliá hotel (formerly Tryp Chamartin), as well as other adjacent assets, for a total amount of €34.6 million, as reported by the socimi to BME Growth, which explains that the transaction has generated a profit of approximately €7.5 million.
In addition to the three-star hotel – which has 199 rooms and a built area of 13,962 m2 distributed in basement, ground floor and thirteen upper floors – the transaction, which has been advised by CBRE, includes two adjacent commercial premises and 94 parking spaces, located at number 10 of Mauricio Ravel street, at number 16 of Mauricio Legendre street and at Agustín de Foxá 31.
The hotel is located at 10 Mauricio Ravel Street, next to the train station in the Chamartín district. This is one of the areas of Madrid with the greatest potential for revaluation thanks to the mega development project of Madrid Nuevo Norte.
For Jorge Ruiz, CBRE’s director of Hotels in Spain and Portugal, “it has been a pleasure to advise Meridia Capital on this transaction, which highlights the attractiveness of the hotel market in Spain and specifically in Madrid. For the sector, 2022 was one of the best years both operationally and transactionally, accounting for 18% of total investment with €3.119 billion. Ruiz adds: “Spain continues to be one of the preferred destinations for both foreign tourists and investors, who maintain their confidence in the hotel sector and their appetite for this asset class.”
Cuatrecasas advised Azora in a deal led by Azora Legal director María Luisa Vara, with the help of a team led by Madrid office Real Estate partner Joaquín Garaulet. Cuatrecasas’ Real Estate and Urban Planning team also included partner Esteban Flores and associates Roger de Oliete, Alfonso Montojo and Natalia Pifarré.
Uría Menéndez advised Meridia Capital with a Barcelona office team led by Real Estate partner Juan Antonio Pérez Rivarés under the coordination of Meridia head legal counsel Elisabet Gómez Canalejo. Uría´s team also included senior associate Joan Andreu and graduates Cristina Gassol and Helena Citores on Real Estate and Corporate matters, senior associate Alejandro Villegas and junior associate Íñigo Martínez on Tax matters, partner Antonio Gómez Cid on Urban Planning matters and counsel David López Velázquez on FDI.