Limestone Capital has bought the Hotel Axel on Calle de Atocha, Madrid from Hotel Investment Partners (HIP) for an undisclosed amount.
The deal marks Limestone's second hotel acquisition in Spain, solidifying its presence in the market.
Situated between Plaza Mayor and Park Retiro, the avant-garde hotel has 88 rooms as well as a rooftop pool, bar and restaurant facilities. Limestone Capital plans to continue to expand its potential value in the future.
What they said
Benjamin Habbel, CEO of Limestone Capital, said: "This acquisition represents a great milestone for Limestone Capital by expanding our presence in Spain and adding another urban destination to our European portfolio. We are deeply committed to the growing hospitality sector in Europe and actively exploring numerous avenues for value-add acquisition and growth."
Limestone Capital Co-founder Jeff Coe said: "Madrid has shown strong growth in the hotel real estate market over the past few years, and that growth will continue by being a key European Capital and gateway city to the Americas. We are actively looking for unique assets in unique locations, and this hotel in Madrid fits perfectly within that strategy”.