RLH Acquires Bless Hotel Madrid For €115m
Main Photo: The Rooftop Pool at the Bless Hotel Madrid
Date: September 2021
Name: Bless Hotel Madrid
Location: Madrid, Spain
Number of Keys: 111
Seller: Grupo Didra and Aina Hospitality
Buyer: RLH Properties
Listed Mexican real estate firm RLH Properties has acquired the 111-room, 27 of which are suites, Bless Hotel Madrid from Raphael Ardid’s Grupo Didra and Aina Hospitality, for €115 million (€1.03 million per room). The five-star luxury establishment, located in Madrid’s upmarket Salamanca district, was purchased by the sellers from the Salazar family in 2017 for around €63 million. The property reopened under Ibiza-based operator Palladium Group’s premium Bless brand in 2019, following a €30 million renovation.
RLH also owns Madrid’s luxury Villa Magna hotel, also located in the Salamanca district, which they acquired in late 2018 for €1.4 million per room and which is set to become the Rosewood Madrid following its current renovation program.
The asset is affiliated to The Leading Hotels of the World. “This new acquisition is a further and very important step in our growth strategy in Europe and Spain, which began with the purchase of the Rosewood Villa Magna and is currently undergoing a comprehensive renovation. Hotel Bless Madrid fits perfectly into our hotel portfolio and complements our position in Spain”, says Borja Escalada, CEO of RLH Properties. Opened in January 2019, with interior design by Lázaro Rosa-Violán, the five-star hotel is surrounded by embassies, luxury international boutiques, trendy restaurants and high-end residential properties. It also features the Etxeko restaurant, a club bar – Feten Bar Clandestino, a rooftop pool and bar overlooking the Spanish capital – the Picos Pardos Sky Lounge, plus a wellness centre with treatments offered by spa operator Tacha and meeting spaces.
RLH has been advised on the transaction by the law firm Pérez-Llorca, as well as by Deloitte, Hill International and Savills Aguirre Newman as due diligence advisors. DLA and JLL acted as advisors to the sellers.
RLH Properties was established in 2013 in Mexico City with a focus on activities exclusively related to the high-end segment of the hotel business and branded villas.
It focuses in the acquisition, development and managing high-end hotels and resorts as well as related branded villas operated by leading brands. Its main goal is to become the leading investment platform of high-end hotels, resorts and residences, through the development of new hotels and the selective acquisition of operating hotels.
The company has unique assets in premium locations operated by world renowned luxury brands with regional exclusivity rights. Currently, the company has 7 hotels (1,370 rooms) and one 18-hole golf course.
Price: €115m
Price per Key: €1.03m
THPT Comment: Interesting history on this property…RLH doing well to achieving it’s long-term goals
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