The Canarian group Lopesan and Stoneweg buys the Miguel Ángel hotel in Madrid for 200 million

The Hotel Miguel Ángel in Madrid, one of the city’s most iconic five-star hotels, is changing hands. Canarian group Lopesan and investment firm Stoneweg have joined forces to buy the business, located on Paseo de la Castellana, from General Mediterranean Holding, the previous owner.

This is a large transaction both in terms of the size of the asset (241 rooms) and its amount: 200 million euros, as confirmed by financial sources. It is the largest hotel operation to close this year in Spain.

Growth of the urban sector

The acquisition marks the arrival in the Spanish capital of the Lopesan Hotel Group, sector leader in the Canary Islands, and strengthens its growth strategy in the urban tourism segment following the purchase of the AC Iberia Hotel in Las Palmas de Gran Canaria. Management will be carried out through Lopesan Hotel Management, the group manager, who will include the establishment in its portfolio of brands. The purchase is accompanied by a process of refurbishment of the property in order to modernize it and raise its standards. This work will last one year.

For its part, Stoneweg Hospitality is advancing its strategy of adding high-value properties located in major tourist destinations. To date, the investment platform has carried out more than 300 transactions worth more than 6 billion euros. Law firms Squire Patton Boggs and A&O Shearman advised on the transaction.

Medium size operations

Lopesan Hotel Group is a holding company from the Canary Islands with over 30 years of activity. The company currently owns 22 hotels in locations such as Gran Canaria, Fuerteventura, Punta Cana, Germany, Austria and Thailand, which are sold under a portfolio of six brands.

According to CBRE, the hotel business saw €1.385 million worth of transactions in the first half of the year, particularly in mid-sized transactions covering 73 assets.