Extendam has acquired a portfolio of three four-star hotels comprising 543 rooms, located in the city centre of Madrid and Barcelona, all operating under the IHG Hotels & Resorts brand.
In Madrid, the portfolio includes the Crowne Plaza Madrid Centre Retiro, with 157 rooms, and the Voco Madrid Retiro, with 197 rooms, two neighbouring hotels located in the Retiro district and benefiting from shared facilities including a restaurant, 17 meeting rooms, a fitness centre and parking facilities.
Extendam has identified several operational initiativesto support the assets’ repositioning and enhance their market positioning, including the creation of an outdoor swimming pool by 2027, the development of a nearly 300 sqm restaurant terrace, the expansion of the food and beverage offering, the creation of premium suites, and further growth across the MICE, corporate, airline and direct customer segments through IHG’s distribution platform.
In Barcelona, the Hotel Indigo Barcelona Plaza España, with 189 rooms, located in the Montjuïc district, is a recently refurbished hotel that already benefits from Hotel Indigo’s established lifestyle positioning. The asset management strategy will primarily focus on revenue management optimisation and commercial initiatives aimed at further enhancing the hotel’s performance while leveraging the strength of IHG’s global distribution platform.
Completed on behalf of French and international institutional investors, the acquisition brings Extendam’s Spanish portfolio to 35 hotels representing more than 4,400 rooms.
The acquisition is fully aligned with Extendam’s investment strategy of targeting markets supported by strong fundamentals and long-term value creation potential. According to Cushman & Wakefield's Hotel Investor Compass 2025, Madrid and Barcelona rank as the second and fifth most attractive European cities for hotel investment, respectively.
“Spain has been a strategic market for Extendam for many years, where we have developed extensive knowledge of local market dynamics and strong relationships with leading operators. This acquisition reflects our strategy of investing, on behalf of our French and international institutional investors, in strategically located hotel assets across Europe’s major capitals and metropolitan markets. We look forward to continuing our partnership with Grape Hospitality and supporting these assets throughout their next phase of development”, said Inès de l’Aulnoit, Bertrand Pullès and Matthieu de Lauzon, Managing Partners at Extendam.
