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All Iron Buys Hotel Tryp Chamberí for Conversion into Tourist Flats

The socimi will pay the Palacios family 18.5 million euros for the asset in Madrid. It intends to convert the property into tourist flats.

The socimi All Iron is set to acquire the Hotel Tryp Chamberí from the Palacios family for €18.5 million and convert it into tourist flats. The family group linked to the food sector bought the asset from Grupo Millenium in 2018. According to El Confidencial, the transaction is still pending completion, although the socimi has not confirmed the operation.

The 3-star hotel is located at Calle José Abascal 8 and was refurbished in 2011. It has 72 rooms, spread over eight floors. It also has a car park, two shops, cafeteria, meeting room, business centre and gymnasium.

The purchase could have been accelerated after Meliá’s announcement to stop operating eight Tryp hotels, including this one. From 2022, the socimi will be able to refurbish the asset to convert it into tourist flats. In total, the 3,300-m2 building will house 50 accommodations.

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