Room Mate Macarena, in the Spanish city of Madrid, has been sold in an investment transaction worth a reported EUR80 million.
The mixed use property in Gran Via includes ground floor retail units, including one occupied by Urban Outfitters, and was sold by investor BNP Paribas Asset Management, to a private buyer. The corner block has a long history, having first opened in 1945 as the Hotel Rex, with part of the site also including a 500 seat cinema. More recently, the property was from 2009 to 2020 branded as a Tryp by Wyndham hotel.
A Stylish Presence in the City
The Room Mate Macarena hotel features a modern interior, with 130 rooms and a rooftop pool and bar. It was bought by AXA Real Estate, which later transitioned to BNP Paribas, in 2015, when the investor paid EUR42 million for the block. Transforming the property and bringing in a new hotel brand has enhanced its value over the years.
Private equity investors TPG Angelo Gordon and Westmont Hospitality Group own the Room Mate business, which today has 32 hotels, across 14 city destinations. Its European coverage takes in Spain, Italy, the Netherlands, Switzerland and the UK, with properties ordered beneath two brands, Room Mate Hotels, and Room Mate Collection. Both brands promise city centre locations, in properties with distinctive, individual interior designs.
Pipeline projects for the group include the conversion of the Hotel Marmont in Geneva, which will reopen in mid 2027 as a Room Mate destination. With 104 rooms, it will deliver guests a place to stay right in the historic heart of Geneva, close to the famous lakefront. The group is also planning a new hotel in Paris, a country market where Room Mate has yet to gain representation.
Madrid remains a strong hotel market from an investment point of view, backed by growing tourism numbers. The city has seen several new luxury hotel developments, as a result, while a number of lifestyle brands are also preparing for their arrival across the city’s key districts.
Opening imminently will be a Nobu hotel, bringing the famous restaurant and lifestyle hotel brand to the city. A corner office block has been converted to create a 50 room luxury hotel.
The Hoxton, a brand from Accor’s Ennismore lifestyle division, is coming to the city, with a mid 2027 opening. The brand is taking over the former ME Madrid Reina Victoria, which will open following an extensive refurbishment, with 192 guest rooms.
New Lifestyle Hotels Coming
Also in the works is a new hotel for the ZEL brand, a lifestyle offering created by Spanish group Melia, in association with tennis player Rafael Nadal. Also on Gran Via, the hotel will open with 175 rooms, in early 2028.
IHG has signed to bring its Kimpton brand to the city. Two properties close to the El Corte Ingles shopping centre will be converted to create a 111 room hotel, due to open in 2030.
