Meridia sells the former Tryp Chamartín hotel to Azora for €34.6M

Meridia sells the former Tryp Chamartín hotel to Azora for €34.6M

Meridia Capital, through its vehicle Meridia RE III, has sold the Madrid Chamartín Affiliated by Meliá hotel (formerly Tryp Chamartín) for €34.6 million to the investment manager Azora. The asset has 199 rooms and a built-up area of 13,962 sqm distributed in basement, ground floor and thirteen upper floors.

The hotel is located at calle de Mauricio Ravel, 10, next to the train station in the Chamartín district. This is one of the areas of Madrid with the greatest potential for revaluation thanks to the Madrid Nuevo Norte mega-development project.

The transaction, which has yielded a capital gain of 7.5 million euros for Meridia, consists, in addition to the hotel, of two adjacent commercial premises and 94 parking spaces, assets located at number 16 of Mauricio Legendre Street and number 31 bis of Agustín de Foxá Street, respectively.

Meridia acquired the asset in January 2019, after paying 27.5 million euros to Colonial, owner of the property. The real estate company led by Pere Viñolas and Juan José Bruguera framed the transaction within its strategy of divesting non-strategic assets. Colonial had acquired the establishment from Renta Inmobiliaria in 2002, when it acquired a complex of three office buildings, as well as the hotel, two commercial premises and 94 parking spaces.

For Jorge Ruiz, CBRE's Director of Hotels in Spain and Portugal, "it has been a pleasure to advise Meridia Capital on this transaction, which 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 €3.119 billion. Ruiz adds: "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".

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