CPI close the largest Spanish hotel transaction of 2010

After more than one year of negotiations, Boutros El Khoury has closed the purchase of the Hotels Husa Princesa (5*) and Husa Moncloa (4*) from Metrovacesa, the largest Real Estate company in Spain and formerly the owner of the French company Gecina. The purchase price was 142 MM Eur.

The buildings are located in the city centre of Madrid and are locally known as 'Princesa Triangle'. The complex is composed of the two hotels (423 rooms), a 3,700 square meter office building rented to El Corte Inglés, the largest department stores in Spain, 3,000 square meters of retail shops rented to El Corte Inglés, Starbucks and Inditex (Zara), and 547 parking spaces rented to El Corte Inglés.

The transaction was advised by BNP Paribas Real Estate and the Spanish law firm Uría&Menéndez. Royal Bank of Scotland, La Caixa and BNP Paribas financed the transaction.

This is the first purchase from CPI in Spain, after targeted this country for it strategic and opportunistic investments.