Among the different possibilities already studied, is the that of the hotel being explored by FST Hoteles, company 95% owned by El Corte Inglés. Another possibility is leasing the asset to a hotel management company, according to Spanish Expansión. The predicted investment for this project was not disclosed.
This 10.176 sqm buildable area terrain’s destination, was supposed to be a different one. Recently El Corte Inglés had announced that it would build a shopping centre in it. However, the asset’s location – over several underground lines and a train station – proved to be a problem for the project planned by the company.
In case this project sees the light of day, El Corte Inglés should request the terrain’s change of use license from the Spanish capital’s city hall.
This terrain has been owned by the company since 2014, when it paid around 136 million euro to Adif for the asset.