Brookfield buys Madrid hotel for €175m

Canada’s Brookfield Asset Management has bought the Hotel Princesa Plaza complex in Madrid for a reported €175 million.
The asset comprises three buildings and a total area of almost 60,000 sq m distributed across hotel, retail, office and parking uses. The four-star hotel includes 423 rooms with three F&B units and almost 1,000 sq m of event space. 
Through its Asset Management team in Madrid, Savills has been responsible for managing the hotel since 2017, including its reopening and the restructuring of the operating model. 
For Brookfield, this transaction represents a strategic addition to the Selenta platform, which it acquired last year, enlarging its presence in a key market in Spain.