BNP Paribas Asset Management has sold a historic building in Madrid that includes a Spanish hotel brand.
The company sold the building at Gran Vía, 43 in Central Madrid for €80 million ($92.5 million) to an undisclosed buyer, Hosteltur reports. The property includes the 120-room Room Mate Macarena, part of Room Mate Hotels.
According to CoStar property data, AXA Real Estate acquired the building in 2015 for approximately $41 million. In subsequent years, AXA’s investment management and real estate asset operations were acquired by BNP Paribas.
Private equity firms TPG Angelo Gordon and Westmont Hospitality Group own the Room Mate Hotels brand.
TPG — before it acquired Angelo Gordon in 2023 for $2.7 billion — and Westmont acquired the Room Mate Macarena in 2022 as part of a 20-property hotel portfolio with an undisclosed price.
The building at Gran Vía, 43 first opened in January 1945 as the Hotel Rex. Until 2005, part of the address housed the Art Deco, 500-seat cinema Cine Rex.
Wyndham Hotels & Resorts’ brand Tryp by Wyndham operated in the building between 2009 and 2020, when Room Mate took over.
Madrid-based Room Mate Hotels has 32 properties in two hotel brands — Room Mate Hotels and Room Mate Collection — in four European countries, including 21 in Spain and five in Madrid.
Room Mate Hospitality Holdings acquired a portfolio of 10 hotels in the Spanish city of Valencia in 2024. A hotel in Geneva constitutes its current development pipeline.