The RIU hotel chain has reached an agreement with the Baraka Group to purchase the ‘Edificio España’ outright and subsequently carry out the necessary refurbishments to turn it into the first Riu Plaza urban hotel in Spain. After purchasing the building from Wanda, the Baraka Group has sold the property on to RIU Hotels & Resorts.
RIU has always shown immense interest in this project. ‘It had always been part of our strategic plan to open a Riu Plaza hotel in Spain and this opportunity in Madrid, in such an unbeatable location and emblematic building, surpasses all expectations,’ said Carmen and Luis Riu, CEOs of RIU Hotels. ‘After several months, the operation progressed to the point where RIU could buy the building outright, an opportunity that, after examining it in depth, we haven’t wanted to pass up,’ explain the directors.
The Baraka Group Chairman Trinitario Casanova is to be in charge of the 15,000m² commercial area which will include department stores.
As was announced at the beginning of the year, the future 4-star Riu Plaza hotel will occupy 24 of Edificio España’s 27 floors, with 650 rooms, while the rest will be given over to retail. The hotel will also contain over 1,800m² of space for events, with an open-plan room measuring 1,500m² with 6m high ceilings, turning it into a unique venue in the centre of Madrid. It will also have two restaurants, a rooftop swimming pool next to the Sky Bar and an additional 900m² of space for events.