The Ritz Hotel in the heart of Madrid, the capital city of Spain, will close in 2011 for at least twelve months to undergo renovation works in what will be the largest redevelopment in the hotel’s 100 year history. Alicia Koplowitz, the main shareholder of the hotel and one of the richest women in Spain, will invest 50 million euro in the project.

The refurbishment of this most symbolic of all hotels in Madrid had initially been estimated at 100 million euro and was scheduled for early 2009. However, the work had to be delayed due to the onset of the financial crisis in Spain and the delay in obtaining the necessary permits needed from the Council of Madrid given that it is a building of historical significance. The Ritz Madrid was built in 1910 by King Alfonso XIII of Spain and, after changing owners several times, ended up belonging to the investment company Omega Capital and the American Orient Express chain.

However, as happened with many other businesses, the global financial crisis has taken its toll on the five star luxury hotel market from the summer of 2007 onwards. Many hotels in Spain, like the Ritz, had to reduce staff and yet others decided to make the most of the bad times and close…Click to read more about Madrid Hotels

Indigo hotels, the chain which is part of the larger InterContinental Hotel Group (IHG), will open its first  hotel in Spain, and indeed, continental Europe in spring 2012. The Hotel Indigo Madrid will have a total of 89 rooms.

According to a statement by the hotel chain, the new establishment will be right in the heart of the capital of Spain and, due to its location and easy access by public transport, it will be an ideal hotel to stay for both business travellers and holiday makers alike.

The Indigo brand wants to offer its guests “the design of a ‘ boutique hotel ‘along with the security resulting from the fact that the hotel belongs to a large international chain”.  The group currently has 32 establishments, with another 52 more in the pipeline.

The president of the hotel chain for Europe, Middle East and Africa, Kirk Kinsell, said Spain, and in particular Madrid, was in their ‘top destination list’ for the expansion of the brand across Europe because “Madrid is a vibrant and exciting city, and one of the most visited by tourists and business travellers, making it a perfect place to stay for Indigo guests”.

InterContinental Hotels have approximately 4,100 establishments in over 100 countries which operate under different names: Intercontinental, Crowne Plaza, Indigo, Holiday Inn, Holiday Inn Express, Staybridge and Candlewood….Click to read more about Madrid Hotels

Sol Meliá hotel group in Spain has sold its Tryp hotel brand to the American chain Wyndham for 43 million dollars.  The same American hotel group is the owner of the famous Travelodge chain.

Appproximately 13,000 rooms in 91 hotels are part of the Tryp chain.  Only six of these hotels are owned by Sol Meliá and the rest are managed in-house or franchised.  The Spanish hotel group keeps the rights to use the brand Tryp in these hotels in Spain for the next 20 years.  From now on both Meliá and Wyndham group will make decisions together about the expansion of the Tryp brand.

Tryp hotels are present in most big cities like Madrid, Barcelona, Paris, Frankfurt or Lisbon.  Sol Meliá have in total 186 hotels in Spain, with 7 hotels in Barcelona, 21 hotels in Madrid, 12 in Malaga and 8 in Tenerife among other Spanish cities.

The three star hotel Tryp Gran Via is in the heart of Madrid city centre, near the famous Plaza Mayor, Puerta del Sol and the Plaza de España.  It is only 200 meters to the Gran Via metro stop. The hotel has 175 rooms which includes the Gran Via view room and the most spacious room in the hotel, the Alvin family room which is available for families with children. All rooms have air-conditioning which is a…Click to read more about Madrid Hotels

Sol Meliá hotel group will open a new cocktail bar under the brand name “Dry” in one of the most popular hotels in Madrid, the Gran Meliá Fenix, a luxury hotel in the central Paseo de la Castellana.  Gabriel Escarrer, CEO of Sol Meliá hotels, stated that he expected the new cocktail bar “Dry” to open in October, once renovation works, which will take place during the summer in the hotel, are completed.

The bar and the “Four Seasons” lounge in the hotel will have to be refurbished to reach the same standards as the Cosmopolitan Martini Dry Bar in Barcelona and become a landmark in international social life.

This will mean an investment of about 750,000 euro in the establishment and represents a new punt by the hotel group in the food and drinks industry in Spain, which makes up nearly one third of its income.  In fact 11,000 employees out of 34,000 who work in the Sol Meliá group already belong to the food and drink sector.

Sol Meliá Group has popular restaurants and entertainment venues in all their hotels in Spain such as, the Michelin star restaurant Calim’a, at the Gran Meliá Don Pepe Marbella, or ‘Two Heaven’ of the Torres brothers, in the hotel ME Barcelona.

The Gran Meliá Fenix offers Deluxe, Premium and Supreme rooms, but for those looking for something really special in Madrid they also have the…Click to read more about Madrid Hotels

The Abba hotel chain has joined the ranks of businesses using the model of selling a property and then renting it back from the new owner, known in the market as a sale and lease-back deal, with one of its hotels in Spain. More precisely, the hotel group controlled by Andrés Iráculis and Jeronimo Miñon has sold the hotel Abba Plaza Castilla in Madrid.

The deal was closed for 33 million euro and a yield of more than 7%, which represent very attractive numbers given the current state of the hotel market in Spain. The purchase was concluded by a group of Spanish investors headed up by the Milenium Group.

The hotel is a four star establishment that has 228 rooms and is situated in the north of Madrid opposite the Kio Towers and just a few metres away from the Cuatro Torres Business Area. Abba was advised on the deal by property consultants Aguirre Newman. The agreement means that Abba receives an injection of capital without sacrificing any share of the Madrid hotel market.

The use of the sale and lease-back formula has recently become more popular among hotel groups in Spain. Last year Sol Meliá used it to sell the Hotel Meliá Princesa for 87,8 million euro to BBVA Renting. And, other…Click to read more about Madrid Hotels

Hotels Spain has found out that most hotels in Madrid are fully booked this weekend due to the celebration of the final of the Champions League between Inter Milan and Bayern Munich on Saturday 22nd May.

It has been 20 years since the last time that what is considered the most important annual event in football was hosted in the capital of Spain.  The arrival of German and Italian fans to Madrid means the occupancy rates in most hotels including Sol Melia, NH Hoteles, AC Hotels, Intercontinental (Holiday and Holiday Inn Express) and Vincci Hoteles are close to 100%.

Rates have been increased due to the high demand and the average price for a room is 300 euros and even 400 in some establishments.

NH Hotels along with Hesperia which represent 35 hotels in Madrid confirmed they were fully booked for this weekend.  Their initial rate was 150 euro per night, which was subject to a minimum stay of two days.

Sol Meliá has 18 hotels in Madrid and their occupancy rate will reach 96% for the weekend.  Their hotel Sol Meliá Castilla is on the central street Capitán Haya very close to the Bernabeu Stadium.

AC Hotels have also been benefited with the final of the Champions League.  The AC Cuzco is located in an excellent position right next to the Santiago Bernabeu.  The company has 20 establishments in Madrid and they all have an occupancy rate higher than 95%.

Intercontinental Hotels Group…Click to read more about Madrid Hotels