Brookfield Asset Management has purchased the Hotel Princesa Plaza complex, located at Calle Princesa, 40 in Madrid from Colony Capital for approximately €175 million ($188 million).
The asset comprises three buildings and a total area of 60,000 square meters (645,835 square feet), spanning across a hotel, retail, office and parking spaces.
The four-star hotel includes 423 rooms with three F&B units and almost 1,000 square meters (10,764 square feet) of event space. The retail space occupies most of the street floor, with nine units bringing together a total of 8,064 square meters (86,800 square feet) occupied by recognized brands such as Starbucks, El Corte Inglés and Massimo Dutti. The office area of 5,666 square meters (60,988 square feet) is currently unoccupied and the car park comprises 14,000 square meters (150,695square feet).
