Internos Global Investors (Internos) has completed the €45m acquisition of the Suecia Hotel from Explotadora de Hoteles EDTL S.L as part of its Hotel Real Value Plus ‘Value Add’ mandate via the Master-KVG provided by institutional investment partners. The hotel will be operated under a long lease containing fixed and variable rent components from the Spanish NH Hotel Group.
This 4-star hotel has 127 rooms, a restaurant, bar, six conference rooms and 13 parking spaces. It is located in the historical centre of Madrid, only a short walk from the most important city sights, including Gran Via and the Prado Museum. The hotel was acquired by Internos in order to add value due to the strategic city centre location, the quality of the hotel, a planned repositioning and rebranding of the hotel and the new long term, hybrid lease contract with NH Hotel Group.
Jochen Schaefer-Suren, partner managing INTERNOS’ hotel and leisure division and this value add mandate, commented: “The acquisition of this hotel allows to add value due to the change of the brand, improvements to the property, the new long term lease, the on going recovery in the Madrid hotel market as well as the increased diversification of the hotel portfolio within the fund. We are pleased that with this acquisition the overall number of hotels managed by INTERNOS has increased to 16 hotels with a total value of nearly €550m since foundation of the hotel and leisure division in 2011.”
