RLH Properties acquires luxury hotel Bless Collection Madrid for €115M

RLH Properties acquires luxury hotel Bless Collection Madrid for €115M

RLH Properties has acquired the Bless Collection luxury hotel in Madrid from Aina Hospitality and the group of investors led by Grupo Didra and its new ARD Investment and Development platform for 115 million euros. Following this purchase, Palladium Hotel Group will continue to operate the hotel as before under the Bless Collection luxury brand.

The asset, affiliated to "The Leading Hotels of the World", with 111 rooms (27 of them suites), and located in the heart of the Salamanca district, will join the luxury offer that RLH Properties has in the Spanish capital, together with the Rosewood Villa Magna and the properties that the company has in Mexico. This acquisition is a further step in the group's strategy of expansion in Europe and Spain. In this way, the company sees Madrid as one of the European capitals with the greatest potential for growth in the luxury sector.

«This new acquisition is a further and very important step in our growth strategy in Europe and Spain, which began with the purchase of the Rosewood Villa Magna and is currently undergoing a comprehensive renovation. Hotel Bless Madrid fits perfectly into our hotel portfolio and complements our position in Spain», says Borja Escalada, CEO of RLH Properties.

Opened in January 2019, with interior design by Lázaro Rosa-Violán, the five-star hotel is surrounded by embassies, luxury international boutiques, trendy restaurants and high-end residential properties. It also features the Etxeko restaurant, a club bar (Feten Bar Clandestino), a rooftop pool and bar overlooking the Spanish capital (Picos Pardos Sky Lounge), plus a wellness centre with treatments offered by spa operator Tacha and meeting spaces.

RLH has been advised on the transaction by the law firm Pérez-Llorca, as well as by Deloitte, Hill International and Savills Aguirre Newman as due diligence advisors. DLA and JLL acted as advisors to the sellers.

The acquisition of the Bless Collection Madrid joins the luxury offer that RLH Properties has at international level and this investment is in addition to the more than 110 million euros that the company is allocating to the renovation of several of its assets, including the Rosewood Villa Magna. Both the latter and the new Bless Collection Madrid are currently closed, with plans to reopen their doors to the public in the last quarter of 2021.

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