ASG has booked in boutique specialist Marugal to operate a luxury hotel created from a restored Andalusian palace in Malaga, Spain. The new hotel on Calle Granada, called Palacio Solecio, opens later this year and is a few minutes’ walk from the Picasso Museum, the Roman amphitheatre and the city’s top tourist attractions. The 230-year-old building fell into dereliction after the previous owners halted a planned redevelopment of the property in the financial crises of 2008. ASG’s local team led its restoration and saw an opportunity to increase the hotel’s capacity substantially by building an annex on neighbouring plots, sourced in two off-market transactions. The property offers 68 rooms designed by Antonio Obrador’s studio, two original internal courtyards, meeting and conference rooms and a gym.
Saul Goldstein, ASG’s Founder and Managing Partner, said: “We have turned an eyesore into a hotel that will set the benchmark for luxury in Malaga. Palacio Solecio is a big step forward for efforts to regenerate the city centre. Our hotel strategy reflects our creative approach to repurposing buildings and development.”
Palacio Solecio is the fourth investment to date in ASG’s Spanish hotel strategy, which focuses on locations where room numbers are failing to keep up with the boom in tourism and business travel. ASG’s projects will deliver more than 1,000 rooms in total, giving a projected end-value for the portfolio in the region of €500m.