ASG, led by Luis Miguel Martín, decided to sell the asset, because it does not consider it to be strategic. The management company has thirty acquisitions in Spain, especially within the housing and hotel segments, having invested around 1 billion euro.
The building is being marketed by consultant JLL. ASG and Hard Rock announced their alliance for the project in the capital in 2018. The fund owned the building at the time, but it invested 25 million euro to qualify it as a premium hotel. 7.000 sqm of the buildings were supposed to be used as municipal offices.
The Hard Rock is located in Madrid’s Golden Triangle of Art and is the brand’s third building in Spain. The company’s other two hotels are located in the Canary and Balearic Islands and are managed by Palladium.
Despite the divestment, ASG remains present in the Spanish market. The fund concluded, on the 31st of December, the purchase of hotel Nobu in Barcelona for 80 million euro, the asset is managed by Selenta Group.
The management company is seeking urban and holiday hotels with three, four and five stars, whose value surpasses 20 million euro. Each of the assets within the portfolio should have 100 bedrooms.
Headquartered in New Jersey (United States), ASG Homes is owned by group ActivumSG, founded in 2007 by Saul Goldstein which has a portfolio under management estimated at 2 billion euro in assets many and Spain. ASG Homes sold more than 10.000 dwellings since 2015.