- A private investor acquires the Room Mate Alba Hotel for €32.5m, which will continue to be operated by the Room Mate Hotels chain.
Cushman & Wakefield, a leader in real estate investment management and advisory services, has advised a family office on the acquisition of the Hotel Room Mate Alba, a four-star hotel located in a noble building in Madrid's historic Barrio de las Letras district, on the touristy Calle Huertas. With 80 double rooms, a breakfast bar, meeting room and gym, the establishment was inaugurated in 2019 after its conversion into a hotel, designed by interior designer and antique dealer Lorenzo Castillo.
For Víctor López-Peña, Head of Capital Markets - Hospitality at Cushman & Wakefield Spain, "This is an operation that demonstrates that the Hotel-Madrid combination is a safe haven for investors, whether they are national, international or from other asset classes. We attract a lot of capital in all destinations, with the solidity of the sector being a guarantee and the Spain brand’. According to data published by Cushman & Wakefield, Spain accumulated in the first half of 2024 a volume of investment in hotels of 1,550 million euros, and the second half of the year is expected to be just as dynamic and could close the year exceeding the figure of 4,200 million reached the previous year.
Following the agreement reached, Room Mate, now owned by the Angelo Gordon External Link fund, will continue to operate the hotel, currently managing five establishments in the capital. ‘Room Mate demonstrates that it continues to be a benchmark chain that seduces, generates confidence and grows,’ said López-Peña.
Cushman & Wakefield's Hospitality division in Spain, which has accompanied the buyer from product search to closing, was created in 2019 and is led by partners and co-heads of the firm Albert Grau and Bruno Hallé. ‘Large funds are taking advantage of the prominence of hotel assets to rotate, with many institutional sellers and chains and family offices in a buying position,’ say Cushman & Wakefield Hospitality. ‘Madrid and Barcelona are in the sights of all investors and chains, leading the ranking of European cities most in demand by investors, surpassing Paris, London and Rome.
