Located in the Plaza de las Descalzas, the Madrid Edition hotel will be one of the great premieres of the sector in the luxury segment. The Edition hotel will have 200 rooms and suites and its opening is scheduled for the last quarter of the year when the construction works are completed.
The property was owned by KKH Property Investors, the hotel's promoter, and operated under one of Marriot's premium brands. At the end of February last year, when the pandemic had not yet ravaged the sector, Archer signed an agreement to purchase the asset.
The operation was first set at a price of 220 million euros, which has later been lowered to 205 million due to the impact of the pandemic, according to Expansión.
GIC continues to bet in the Spanish Real Estate market
GIC is the sovereign wealth fund of the Government of Singapore with numerous interests in the Spanish real estate market in segments such as logistics, hotels or offices, besides being present in the capital of listed companies. Through Archer, the fund also owns the Westin Palace and the Hotel Arts in Barcelona and it is estimated that currently GIC manages resources over 500 billion dollars worldwide.