Riberas Brothers of Spain Acquire Palacio del Retiro Hotel for €60 Million

Madrid’s hospitality industry experiences a noteworthy development as Jon and Francisco Riberas, renowned owners of Gestamp Automoción, successfully acquire the esteemed Palacio del Retiro hotel for a substantial sum of approximately €60 million. The deal, reported by Expansión, marks a significant milestone in the hotel market and underscores the continued interest of influential Spanish business families in the hospitality sector.

Situated on Calle Alfonso XII, precisely at number 14, the Palacio del Retiro hotel stands as a luxurious establishment boasting an impressive array of offerings. With its 50 exquisite rooms, fitness center, spa facilities, business center and restaurant,  the hotel promises a memorable experience for its esteemed guests.

Previously under the ownership of the Oriol family, the Palacio del Retiro hotel underwent a comprehensive renovation in 2004, subsequently coming under the operation of the AC Hotels chain. The hotel is presently managed by Belagua, a company founded by Antonio Catalán, and operates as part of the prestigious Marriott Autograph Collection brand.

The significance of this deal extends beyond the financial aspect, as it serves as a positive indication for the Madrid hotel market’s future. Following a record-breaking year of transactions, the increasing interest in hotel acquisitions by prominent business families like the Riberas demonstrates a promising outlook for the sector. According to the Spanish Hotel Investment Report by Colliers, the value of hotel transactions in the Community of Madrid experienced a remarkable 72% increase in 2022, reaching a total of €803 million. A total of 17 hotels and 2,547 rooms were transacted during this period. Notably, Madrid outpaced Barcelona, accounting for 24% of the overall hotel investment in the Spanish market for the year 2022.