Turkish conglomerate Dogus Group, advised by JLL, has sold its luxury hotel Villa Magna in Madrid, Spain to Mexican asset manager RLH Properties for €210m. Located on Paseo de la Castellana, 150-guestrooms property is one of the most luxurious hotels in Spain. The deal marks RLH Properties’ first hotel real estate transaction in Europe.
Patrick J Saade, co-head European Transactions in JLL’s Hotels & Hospitality Group, said: “We are pleased to have represented Dogus on this transaction, having sold the hotel to them in 2016. This off-market sale highlights a trend we are noticing across Europe, that hotels assets are attracting attention from a wider variety of investors from across the globe than ever before. More than ever, Europe represents the centre of gravity for international investors.”
Jeronimo Bremer, President of the Executive Committee of RLH, and founding partner of BK Partners, commented: "This operation represents an important milestone in our strategy of investing in unique real estate assets for the hotel sector. The acquisition of Hotel Villa Magna, one of the most representative of Europe in the luxury segment, also confirms our enormous confidence in the Spanish market, one of the most dynamic and attractive in the world."
Borja Escalada, CEO of RLH Properties and partner of BK Partners said: "The purchase of Hotel Villa Magna is the first step in our international expansion, with an emblematic luxury hotel located in the best area of Madrid. This, together with our proven experience in the management of this type of real estate assets, has great potential to create shareholder value. Therefore, we believe that this transaction is excellent news for our investors and shareholders and we hope to be able to announce new investments in Spain and Europe soon. "
