A Spanish family has acquired Gran Vía 43 in Madrid for more than €80 million from BNP Asset Management, according to El Confidencial.
The landmark property, built in 1943 by architect Luis Gutiérrez Soto, was previously home to the Rex cinema and Hotel Rex. Following a major repositioning, it now comprises a 130-room hotel operated by Room Mate Hotels, alongside retail and restaurant space.
The building has approximately 8,000 sqm of built area, including 7,500 sqm dedicated to the hotel component and 1,963 sqm of commercial space, as well as 94 parking spaces. The property was fully occupied prior to the sale.
The repositioning required a complex planning process due to the building’s protected status. Madrid City Council approved a Special Plan in 2021, allowing the hotel use to be concentrated on the upper floors and the ground floor and basement to be used for commercial purposes.
The retail component includes a flagship store for US fashion brand Urban Outfitters, while the property also houses a restaurant operated by La Mafia se Sienta a la Mesa.
AXA Real Estate acquired the asset for €42 million before carrying out its refurbishment and repositioning. AXA’s hotel investment arm was subsequently acquired by BNP Paribas Cardif in 2025.
The transaction marks the completion of BNP Asset Management’s repositioning strategy for the Gran Vía asset.
Garrigues and DLA Piper advised on the transaction, while Catella acted as property consultant. The identity of the buyer has not been disclosed.
