Drago Capital buys unfinished hotel on Paseo de la Castellana
Drago Capital bought a hotel, half built Castellana 200 And? Real Urbis up for auction in February. According to El Confidencial, the purchase was made possible thanks to the right of first refusal, as it acquired an office building, commercial space, parking and 52% of the hotel in 2014 in an alliance with an investment pension fund. PSP.
The hotel is part Macrocomplex Castellana 200which consists of two completed office buildings with a total area of 21,532 square meters, a shopping center with an area of 8,454 square meters, four basement parking spaces with approximately 850 spaces, as reported by HOSTELTUR in Reyal Urbis, will resume work on the Castellana 200 project “immediately”.
The hotel is half built but there is no confirmation that it will continue to be used. Source: Pondio.com
The bankruptcy administration put the stake in the asset, two commercial premises and 27 parking spaces, up for sale for €5.9 million, the minimum required offer, although the package was valued at €7.66 million.
As confirmed by El Confidencial, Drago Capital used its pre-emption right to retain the asset at an “attractive price” and take advantage of the transformation taking place in the area thanks to the redevelopment of the Santiago Bernabeu.
The truth is that although the hotel has a license for this activity, it is not confirmed that Drago Capital continues to use it.
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