Madrid's Gran Vía hotel building sold for over €80 million

A Spanish family office has acquired the historic building located at 43 Gran Vía in Madrid, home to the Room Mate Macarena hotel, for more than 80 million euros. The sale was executed by BNP Paribas Asset Management, marking its exit from a prime asset in one of Madrid’s most significant commercial and tourist hubs.

The purchase price represents nearly double the 42 million euros paid by AXA Real Estate for the property in 2015. The building, originally designed in 1943 by architect Luis Gutiérrez Soto, formerly housed the Hotel Rex and the Rex Cinemas. Following a complex rehabilitation process that required special architectural protection plans from the Madrid City Council, the site was transformed into a mixed-use space.

The property currently features approximately 8,000 square meters of space, including 7,500 square meters dedicated to the 130-room hotel operated by Room Mate Hotels, nearly 2,000 square meters of commercial space occupied by tenants such as Urban Outfitters and La Mafia, and 94 parking spaces. Legal and consultancy services for the transaction were provided by Garrigues, DLA Piper, and Catella.