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Villamagna’s Owner Buys Bless Hotel at Record Price of More than 1 Million per Room

RLH Properties has acquired the former Velázquez hotel, now converted into a luxury five-star establishment, for 115 million euros.

July has been a month of intense transactional activity. The latest transaction was finalised yesterday at a notary’s office in Madrid. There, the RLH Properties group, a Mexican company specialising in hotel management, acquired one of the capital’s five-star hotels: the Bless Collection Madrid hotel.

This establishment was acquired in March 2017 by Grupo Didra and Aina Hospitality from the Salazar family. They paid around 63 million euros, an outlay to which they later had to add another 30 million euros in renovations.

The new owners closed a deal with the Mallorcan group Palladium to open a five-star establishment of its premium brand Bless in the property.

Five years later, Didra and Aina have sold the property to RLH Properties for 115 million euros. A figure is considered a record for a hotel asset during the current pandemic scenario. As the property has 111 rooms, RLH paid more than one million euros per room.

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