Meridia sells former Tryp Chamartín hotel to Azora for €34.6m

Meridia Capital has sold the former Tryp Chamartín hotel to Azora for €34.6 million.

The transaction comprises the 199-room hotel located at Calle de Mauricio Ravel, 10 in the Chamartin district, two commercial premises at 16 Mauricio Legendre Street and 94 parking spaces at 31 bis of Agustín de Foxá Street.

Meridia bought the asset for €27.5 million in January 2019 from real estate company Colonial, which bought the asset from Renta Inmobiliaria in 2002. Merida said the transaction has yielded a capital gain of €7.5 million.

CBRE advised Meridia on the transaction.

What they said

Jorge Ruiz, CBRE's director of hotels in Spain and Portugal said: "This transaction highlights the attractiveness of the hotel market in Spain and specifically in Madrid. For the sector, 2022 was one of the best years both operationally and transactionally, accounting for 18% of total investment at €3.1 billion.

"Spain continues to be one of the preferred destinations for both foreign tourists and investors, who maintain their confidence in the hotel sector and their appetite for this asset class."