RSR Singular buys an office building in Madrid to convert into hotel for €24.5M

RSR Singular buys an office building in Madrid to convert into hotel for €24.5M

RSR Singular Assets Europe, a vehicle owned by the Saudi Arabian family office Rashid Saad Al Rashid&Sons, has invested €24.5 million in the acquisition of a 6,745 sqm office property in the centre of Madrid to convert it into a premium hotel, according to a communication to Euronext Lisbon, the stock market where it has been listed since 2020.

In its results for the 2021 financial year, the latest available, the company explained that it was considering a new project a few metres from Madrid's Plaza Mayor for the construction of a four-star superior hotel with a rooftop terrace and restaurant on the ground floor. RSR said that the project would have abundant vegetation, with the aim of creating a green space in the centre of the capital "that will differentiate it from other hotels already located in the area".

RSR Singular Assets Europe is a real estate investment vehicle managed by Caler Advisory, a consultancy firm owned by siblings Carmen and Álvaro Escrivá de Romaní, which focuses its business on the purchase of hotels and tourist apartment buildings located in prime areas of the main cities in Spain and Portugal.

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