The Community of Madrid is going to carry out a comprehensive remodelling project of Hospital La Paz. Construction work will begin in 2019 and will involve the expansion of the hospital’s existing surface area by 25% or 50,000 m2, with four new buildings and a hotel for patients’ families. The construction work is going to be performed in four phases and will begin next year, according to the President of the Community of Madrid, Cristina Cifuentes, with the aim of ensuring that La Paz “continues to be the best hospital in Spain and one of the best in the world”. The forecast investment will amount to €359 million and will be paid for by the Community.

The size of the reference hospital in Madrid will thereby be increased from 190,842 m2 to 238,198 m2 following the remodelling project, of which 205,538 m2 will be newly built and another 32,660 m2 will be reformed. New green space spanning 10,250 m2 is also going to be created and new roads will be built. (…). The first phase of work is due to be awarded to the contractor(s) in January 2019. (…). La Paz will not reduce is patient activity at any point during the construction period.

The first phase will begin following the award of the construction work in January and will involve the demolition of the North Building, the Teaching building, generators, the parking lot and the Human Resources department (29,508 m2) to build the new General Hospital and a parking lot for employees (109,967 m2), which will be operational from 2022.

The second phase involves the demolition of the General Hospital (68,680 m2) to make space for ambulatory services, day hospitals, rehabilitation and dialysis services (59,428 m2), which will be completed in 2025.

For the third phase, the General Emergency area and the Traumatology Hospital will be demolished (21,884 m2) and the new Maternity-Children’s Hospital buildings will be constructed with an area for ancillary services (38,278 m2), which will be operational from 2027.

In the fourth and final phase, part of the former Maternity-Children’s Hospital will be demolished and other spaces, such as the Maternity Tower (24,267 m2) and a service area, will be reformed. That final phase will be completed in 2029 (…).

According to the regional Government, the new hospital will provide patients and families with “more comfort, privacy and security, with more individual rooms, larger waiting rooms and the creation of recreational spaces, amongst other benefits” (…).

The Investment Plan for Hospital Infrastructures in the Public Network of the Community of Madrid is going to allocate most of its €1 billion budget to reforming the seven largest hospitals in the region: 12 de Octubre, La Paz, Gregorio Marañón, Ramón y Cajal, Clínico San Carlos, La Princesa and Niño Jesús; on which more than €700 million will be spent.

The plan also includes forecast investment of €250 million to renovate another 14 hospitals: Móstoles, Príncipe de Asturias, Severo Ochoa, Getafe, Fuenlabrada, Alcorcón, Virgen de La Poveda, Virgen de la Fuenfría, Guadarrama, El Escorial, Hospital Central de la Cruz Roja, Santa Cristina, José Germain and Rodríguez Lafora. Moreover, it plans to invest approximately €42 million to convert the former Hospital Puerta de Hierro into a new and modern hospital centre for the care and functional recovery of patients.

Times Square Edition, New York. Photo credit: Marriott International.
Rendering of the Residences by Mandarin Oriental Barcelona

Residences by Mandarin Oriental Barcelona Announced for 2020

Mandarin Oriental

Mandarin Oriental Hotel Group has announced an agreement to brand and manage 34 luxurious Residences by Mandarin Oriental, Barcelona housed in a 20-storey tower, with a prime location at the intersection of Passeig de Gràcia and Avinguda Diagonal. The Residences are scheduled for completion in 2020.

The spacious apartments will be designed in a contemporary style and will provide panoramic views of the city’s landmarks. Owners will have access to a private, serviced lobby, a club lounge, a variety of meeting and entertaining spaces, fitness facilities and a luxury spa suite. A connecting footbridge will lead to an outdoor recreation deck and swimming pool. The building will also provide high-end dining options and private parking. As with all Mandarin Oriental Residences around the world, residents will benefit from a unique lifestyle offering the comforts of a private home combined with the legendary service of the Group.

The central location of The Residences will provide owners with easy access to the city’s leisure, business and cultural attractions and is a short walk to Mandarin Oriental, Barcelona. Passeig de Gràcia is considered the city’s most exclusive retail street and is also home to some of Barcelona’s celebrated architecture, including two of Gaudi’s works: Casa Milà and Casa Batlló. The street leads directly to the city’s famous Old Town and Gothic Quarter, while Avinguda Diagonal is one of the most prestigious avenues in the heart of the city’s central business district.

The project is a redevelopment of an existing office building, which is owned by KKH Property Investors: a joint venture partnership between KKH Capital Group and Perella Weinberg Real Estate Fund II LP, advised by Aermont Capital LLP. Barcelona-based architect OAB, which is the studio of eminent Catalan architect, Carlos Ferrater, has been appointed as lead architect and the interior design is being created by London based MUZA Lab.

“We are delighted to be introducing the first standalone Residences by Mandarin Oriental in Europe. We look forward to bringing the brand’s legendary hospitality to the owners of these prestigious private homes,” said  Group Chief Executive of Mandarin Oriental Hotel Group.

“We look forward to creating the city’s most luxurious residential offering that will be complemented by Mandarin Oriental’s exceptional services,” said the founder of KKH Capital Group.

Groupe ADP and AccorHotels have signed two building leases, one for the renovation of the current Mercure hotel and one for the construction of a new ibis Styles hotel at Paris-Orly Airport.

This new hotel complex, located at the gateway to the Orlytech district, upgrades and adds the finishing touch to the hotel offering in this service district to the north-west of the airport.

Artists impression of the future ibis Styles hotel at the gateway to the Orlytech district at Paris-Orly Airport © Arte & CharpentierArtists impression of the future ibis Styles hotel at the gateway to the Orlytech district at Paris-Orly Airport © Arte & Charpentier

The current Mercure hotel**** will undergo considerable renovation with 189 rooms to be completely refurbished by 2019.  Its services offering will also be upgraded with, in particular, a new food court with glazed walls, opening out onto a large terrace.

An ibis Styles*** hotel will be built next to the renovated Mercure hotel. It will have 200 rooms over four floors, with views over the Orlytech district. Its ultra-modern façade, designed by architects Arte & Charpentier, will indicate the entrance to the airport from the A106 and RN7 roads.

The ibis Styles’ 200 new rooms will bring Paris-Orly Airport’s current accommodation capacity (including Novotel Paris-Coeur d’Orly Airport, ibis Paris-Orly Airport and ibis budget Paris-Orly Airport) up to 1,089 rooms. These two hotels will provide options suitable both for families and business travellers.

Serge Grzybowski, Real Estate Director for Groupe ADP said: “The construction of the ibis Styles hotel and the refurbishment of the Mercure Orlytech hotel mean that our accommodation offering can be adapted to match the marked increase in air traffic, while
also considerably improving the quality of hotel services provided to our passengers and customers of our business districts. These two projects are indicative of Paris-Orly Airport’s extended hotel offering; between now and the end of 2019, all the hotels on Groupe ADP’s land at Paris-Orly will offer only new rooms or rooms having been fully refurbished less than three years prior thereto.”

John Ozinga, CEO of AccorInvest added: “This two-fold project fits in perfectly with AccorInvest’s strategy to strengthen our position as the leading hotel investor in Europe. It makes it possible for us to invest in economy and midscale segments, in HQE-certified* hotels in a strategic position, generating excellent operational performance and which promises to become one of the pioneering business districts in the Greater Paris region.”

Artists impression of the renovated Mercure hotel in the Orlytech district at Paris-Orly Airport © Arte & Charpentier
Artists impression of the renovated Mercure hotel in the Orlytech district at Paris-Orly Airport © Arte & Charpentier

Over the years, Paris-Orly Airport has become a major business hub in the heart of the third-largest economic centre in the Paris region. Located just 10 minutes from Paris, Paris-Orly Airport is accessible from several motorways and many public transport routes (Orlyval-RER B, RER C, Tramway T7, and buses). Access will be improved further with the completion of metro lines 14 and 18 of the Grand Paris Express and with the creation of a TGV railway station.

Large-scale modernisation works are in progress at the airport, which will change its appearance and make it more welcoming, thanks in particular to the construction currently underway of a connecting building which will create a link between the South and West Terminals by 2019.

Artists impression of the ibis Styles & Mercure hotel complex © Arte & Charpentier
Artists impression of the ibis Styles & Mercure hotel complex © Arte & Charpentier

Technical data:

 Developer: Groupe ADP
 Investor: AccorInvest
 Operator: AccorHotels
 Architect: Arte Charpentier
 Surface area: 1.9 hectares
 Hotel capacity:
– Mercure: 189 rooms
– ibis Styles: 200 rooms
 Scheduled to open:
– Mercure: 2nd quarter 2019
– ibis Styles: 4th quarter 2019

* HQE™ is the French certification awarded to building construction and management as well as urban planning projects.​


Rendering of ta guestroom at the DoubleTree by Hilton Rome Monti

DoubleTree by Hilton Rome Monti Announced for 2019

DoubleTree by Hilton

Hilton (NYSE: HLT) yesterday announced the signing of a franchise agreement with H.n.h. Hotels & Resorts S.p.a. to open DoubleTree by Hilton Rome Monti, the city’s first under the DoubleTree by Hilton brand. It will be H.n.h. Hotels & Resorts S.p.a.’s second DoubleTree by Hilton property, joining DoubleTree by Hilton Trieste.

“Rome’s enduring appeal saw it welcome 11 million visitors in the first nine months of 2017, this hotel – our first DoubleTree by Hilton hotel in the Eternal City – is a welcome addition to our growing Italian portfolio,” said Patrick Fitzgibbon, senior vice president, development, EMEA, Hilton. “We are thrilled to be extending our partnership with H.n.h. Hotels & Resorts S.p.a. in another world class destination.”

The property will open as DoubleTree by Hilton Rome Monti after the full refurbishment of an existing property. It will be situated in Monti, a charming neighborhood known for its cafes, alternative fashion retailers and bohemian feel. The hotel is located close to the Bank of Italy, Quirinal Palace and various ministries and embassies. It is also within walking distance of tourist attractions such as the Trevi Fountain, the Colosseum, and the Basilica di Santa Maria Maggiore.

Luca Boccato, CEO, H.n.h. Hotels & Resorts S.p.a. said: “DoubleTree by Hilton Rome Monti, after Trieste, is our second affiliation to DoubleTree by Hilton brand in Italy. We believe in the value of the collaboration with an international brand like Hilton. Its values fit perfectly with the project and our management philosophy.”

DoubleTree by Hilton Rome Monti will feature 132 guest-rooms, and will offer a fitness centre and spa. Guests and residents will be able to enjoy a range of dining options including two restaurants, a lobby lounge and rooftop bar with stunning views of the city.

DoubleTree by Hilton Rome Monti joins four Hilton hotels currently trading in central Rome, including Hilton Garden Inn Rome Claridge, Hampton by Hilton Rome East, Rome Cavalieri, A Waldorf Astoria Resort and Aleph Rome Hotel, Curio Collection by Hilton.

In recent weeks, the Galician fashion retail group has formalised the operation, which it began to study a year ago. For the time being, the company has not decided what to do with the plots. 

A real estate operation on the edge of Barcelona. The Galician group Inditex, the largest fashion retailer in the world, has signed the purchase of 22,000 m2 of land in Sant Adriá del Besòs in recent weeks. The land acquired corresponds to plots that used to be occupied by Schott Ibérica.

According to explanations provided by sources close to the operation, the acquisition has been carried out by the group’s parent company, Inditex. The sale and purchase has been brokered by the real estate consultancy JLL, according to market sources.

The company chaired by Pablo Isla started to study this move a year ago. Although initially, the possibility of using this land to house the new headquarters of the Bershka chain was considered, sources close to the operation indicate that Inditex has not decided what to use the site for yet. The acquisition is looking to anticipate possible future needs.

Schott Ibérica’s plant in Sant Adrià closed its doors at the end of 2014. The company, which is dedicated to the manufacture and sale of glass tubes for pharmaceutical use, employed more than 100 people on the site at the time of its closure. The plot had attracted interest from several operators.

Inditex has a presence throughout Spain. The headquarters of Zara and Zara Home are located in Arteixo (A Coruña), along with the corporate offices; the headquarters of Pull&Bear are located in Narón (A Coruña); the offices of Uterqüe, Massimo Dutti, Bershka and Oysho are located in Tordera; Stradivarius, in Sallent; and Tempe in Elche (Alicante). In addition to its offices, the group has an extensive logistics presence in Spain, with distribution platforms in A Coruña, Alicante, Zaragoza, León, Barcelona, Madrid and Guadalajara.

In the case of the headquarters in Cataluña, Inditex started to move some of its operations closer to the Catalan capital several years ago, with the aim of improving its ability to attract talent. In fact, Stradivarius moved its design centre to Cerdanyola del Vallès (Barcelona) last year following the acquisition of land there, measuring 18,911 m2, from the Generalitat de Catalunya. That brand’s logistics activity, however, is still located in Sallent (…).

With a network of more than 7,500 stores in 94 countries, Inditex ended 2016 with revenues of €23.311 billion. As we wait for the company to announce its results for 2017, we see that it recorded profits of €3.157 billion in the previous year.

The English Grand Hotel recovers in this stage the splendor and the category that it had in the XIX century and the first half of the XX

Hidden Away Hotels will reopen in March the doors of the Gran Hotel Inglés in Madrid , the oldest hotel in the capital, after investing 16 million euros in the integral restoration, which will open its doors converted into a five-star establishment.

The Gran Hotel Ingles, which dates back to 1853 , was the first hotel to have a restaurant, and is located on the first street in Madrid that had an electricity supply, the current Echegaray street . A place that was a meeting point for avant-garde and intellectuals and he used to concur influential artists, writers and musicians like Matisse, Valle-Inclán or Carlos Gardel.

The boutique hotel located on Calle Echegaray, 8, in the heart of Madrid, a few meters from the Puerta del Sol and the Congreso de los Diputados, in the Barrio de las Letras, has been remodeled by David Rockwell’s architecture studio (Rockwell Group).

Detail of the bathroom of one of the rooms of the Gran Hotel Inglés
Detail of the bathroom of one of the rooms of the Gran Hotel Inglés

The group, which more than two years ago managed to get their property, plans to hire a staff of more than 60 luxury hotel professionals for its operation.

Of the 72 rooms that the old hotel had, it now has 48 rooms , doubling the size of the rooms and 6 luxury suites. The average size of the rooms is 26m2, although there are some that reach up to 125. All equipped with king-size beds, Egyptian cotton linen 500 thread, smart TV and high-speed Wi-Fi by fiber optic.

It also has two private dining rooms, a library called the Hall of Letters , a gym, a wellness area. The name of the restaurant, Lobo 8 , is inspired by the old name of Echegaray Street.

Design of the Gran Hotel English suite
Design of the Gran Hotel English suite

The Gran Hotel Inglés is the second hotel of this project that already has in Palma de Mallorca the boutique hotel Posada Terra Santa , former baronial curia dating from 1576.

Pilot room of the Gran Hotel Inglés
Pilot room of the Gran Hotel Inglés

Hidden Away Hotels was founded four years ago by Carmen Cordón Muro and Ignacio Jiménez Artacho, whose philosophy is to identify properties relegated to abandonment over time.


Hilton Rotterdam Hotel - Exterior at night

Hilton Rotterdam Hotel Sold for $62 million


Park Hotels & Resorts Inc. (NYSE:PK) today announced that it closed on the sale of the 254-room Hilton Rotterdam located in Rotterdam, Netherlands, for gross proceeds of approximately $62 million, equating to $245,000 per key. When adjusted for Park’s anticipated capital expenditures for the Hotel, the sale price represents a 4.8% capitalization rate on the Hotel’s projected 2017 net operating income (5.5% excluding capex), or 17.8x the Hotel’s projected 2017 EBITDA (15.4x excluding capex).

The sale of the Hotel is consistent with Park’s strategy of recycling capital out of non-core assets, including reducing its exposure to international markets. Revenue per available room (“RevPAR”) for the Hotel represents a discount of nearly 30% to Park’s pro forma RevPAR on a trailing 12-month basis.

“I am thrilled to announce the sale of the Hilton Rotterdam, our first non-core asset sale since launching Park just over a year ago. As previously stated, we remain committed to our goal of creating value for stockholders by recycling capital from lower growth assets,” commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park. “Our capital recycling program remains active with additional hotels targeted for sale in 2018, a strategy we believe will dramatically improve the overall quality of our portfolio.”

Park Hotels & Resorts Inc. (NYSE: PK) is one of the largest publicly traded lodging real estate investment trusts with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 66 premium-branded hotels and resorts with over 35,000 rooms located in prime U.S. and international markets with high barriers to entry.

The Town Hall of Madrid is starting to refloat some of the projects associated with the renovation of the Santiago Bernabéu. Today, the municipal government has approved plans to integrate the stadium into its urban environment, an action that affects a surface area of more than 54,000 m2. The corresponding investment amounts to around €12.7 million and will be borne in its entirety by Real Madrid.

The Executive of Manuela Carmena, which imposed these actions as a condition for the approval of the renovation, says that “this will double the public space available for local residents”. The project includes the elimination of architectural barriers and the introduction of access routes for all kinds of people, as well as improvements that give priority to residents when it comes to parking and which encourage sustainable mobility.

To this end, the club will have to place all of its logistics activity underground. According to Palco23, it will build a large city under the stadium where all of these activities will be concentrated. All of the actions follow the criteria established by the Special Plan for improving the urban environment and the detailed plans for the Santiago Bernabéu stadium, which the plenary approved in May 2017. The scope of intervention basically extends from the boundary of the stadium’s plot, which has not been modified, to the official border of the neighbouring buildings. “The intervention has been expanded to some bordering areas to provide maximum homogeneity and functionality to the remodelling operation that is being promoted”, said the Town Hall. Although no timeline has been established, it has been confirmed that the building work on the outside will be coordinated with those happening inside the Bernabéu itself.

A square measuring more than 10,000 m2 will be created on the façade overlooking Paseo de la Castellana, benefitting from the removal of the bus parking lot that currently occupies that site. In its place, gardens and new lighting will be installed. On the other side of the stadium, overlooking Calle Rafael Salgado, a space will be opened with “co-existence traffic and flexible parking platforms”.

Calle Padre Damián and Plaza de Sagrados Corazones, which co-exist alongside the grandstands, will gain space thanks to the demolition of the Esquina del Bernabéu shopping centre, to create a new square. Moreover, the north and south pavements of Calle Concha Espina will be widened, making the whole area more pleasant for residents and pedestrians.

Hotel Ritz Madrid - Exterior

Hotel Ritz Madrid Closes for Restoration

Mandarin Oriental

Mandarin Oriental International Limited today announced that Hotel Ritz, Madrid will close on 28th February 2018 for a €99 million (US$121 million) restoration, which is expected to complete in late 2019.

Since it first opened its doors in 1910, Hotel Ritz has been synonymous with luxury, comfort and service excellence. Over the years, it has hosted royalty, politicians, corporate leaders and celebrities and is an integral part of society in Spain’s capital. It is situated within the ‘Golden Triangle of Art’, an area defined by the most important museums in the city – the Prado, the Thyssen-Bornemisza and the Reina Sofía Museum of Modern Art. The property’s location within a prestigious residential area close to Madrid’s financial and commercial district, adds to its appeal.

The extensive work will significantly upgrade the hotel’s facilities and services, while maintaining its unique character, encapsulated in the Belle Époque style of the original building. Spanish architect, Rafael de La-Hoz, has been instrumental in providing the context for the historical restoration, while French designers’, Gilles & Boissier, have been appointed to oversee the interiors with the aim of enhancing the property’s appeal to local and international guests alike while celebrating César Ritz’s pioneering spirit.

The duo have created a sophisticated design for the hotel’s new guestrooms, encapsulating a classic but contemporary residential style for the 106 rooms and 47 suites. Within the suite inventory, there will be several one-of-a-kind speciality suites, featuring unique design elements inspired by the hotel’s historic connections to the city, Spanish culture and art. A 188 sq metre Royal Suite will feature magnificent views over the Prado museum.

The design of the public spaces will focus on the careful restoration of the hotel’s many fine interior architectural features, and will incorporate a number of valuable artistic pieces from the property’s collection including crystal chandeliers, antique paintings and sculptures. The reinstatement of a glass roof in the heart of the hotel will bring light to the lounge in the way it did when the property first opened. The hotel’s main restaurant will move to its original location, with direct access to the terrace. The terrace garden itself is one of the best-loved outdoor dining spaces in the city and will remain an elegant environment for al fresco dining. A new, dynamic bar, designed to become a destination of choice for local customers and in-house guests alike, will also be created.

The hotel’s meeting rooms will be refreshed to provide well-appointed and functional venues for social gatherings, business meetings and product launches.

Other facilities will include a new fitness centre and indoor pool, together with a range of spa, heat and water experiences.

“For more than 100 years, The Ritz has been an icon in this vibrant city. This extensive restoration, combined with Mandarin Oriental’s exemplary service, is targeted to ensure the property retains its legendary status as one of the world’s great hotels. We intend to make the local community even more proud of this historic landmark when we welcome them again upon re-opening.” said James Riley, Group Chief Executive of Mandarin Oriental Hotel Group.

During the closure hotel colleagues will undergo a range of training programmes, or be provided temporary assignments at other Mandarin Oriental properties in preparation for the re-opening of the hotel.

Mandarin Oriental Hotel Group acquired Hotel Ritz, Madrid in 2015 for US$148 million in a joint venture with The Olayan Group, a premier international investment group with a long history of success in the Middle East, Europe and the United States. Mandarin Oriental and Olayan each hold a 50% interest in the joint venture. Mandarin Oriental’s total investment for its share of the restoration is estimated at US$60.5 million to be funded through an appropriate mixture of equity and debt. Mandarin Oriental manages the hotel under a long-term management agreement.

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