Singapore’s GIC fund has purchased the future Hotel Edition, located in the former headquarters of Monte de Piedad in Madrid for €220 million. This asset will be the fund’s third five-star establishment in the Spanish market. The operation has been executed through Archer Hotel Capital, the hotel fund that GIC shares with the Dutch manager APG, according to reports from Expansión.
The Archer hotel fund is an investment vehicle specialising in luxury hotels, which owns eleven properties located in some of the main European cities. Its portfolio includes The Westin Palace in Madrid and the Hotel Arts Barcelona.