
RIU Hotels & Resorts has signed a strategic partnership with the Baraka business group to take part in the ownership and renovation of the emblematic Edificio España on Madrid’s Plaza de España, to open a hotel of the Riu Plaza line. The hotel chain from Mallorca and Baraka have created a joint venture in which RIU holds a 25% share. The agreement signed recently between the two companies also includes a contract for management of the hotel, which is expected to be inaugurated in two years’ time, following completion of the renovation works.

With all these amenities, in addition to its central location, RIU hopes to attract leisure travelers visiting Madrid to enjoy shopping and cultural visits, as well as corporate travelers.
“We are very excited about this new project. It will not only signify our Riu Plaza brand’s début in Spain but will also be a worldwide reference for the company thanks to its excellent location on Madrid’s Gran Via and the singular nature of the Building. We believe that this partnership with Baraka is an excellent opportunity to strengthen our brand’s positioning in Spain and in the world”, affirmed Carmen and Luis Riu, the CEOs of RIU Hotels & Resorts.