Spain’s All Iron REIT buys Madrid hotel

Panoramic view of the city of Madrid
Panoramic view of the city of Madrid. (Belen B Massieu/Getty Images)

Spanish REIT All Iron has closed on a deal to buy Tryp Chamberí Hotel in Madrid for €18.5 million with the aim of turning it into serviced apartments aimed at tourists.

The property is spread over 10 floors and two basements and All Iron plans to turn it into 48 units, according to reports in the Spanish press.

The Madrid property is the firm’s 14th with five currently in operation.

Earlier this year All Iron indicated it wanted to raise up to €120 million to help fund its growth plans.