Mexico’s RLH Properties, founded by BK Partners, has acquired the Villa Magna hotel in Madrid for €210 million from the Turkish Dogus group. The deal is expected to close in mid-December.
Dogus acquired the Madrid hotel at the beginning of 2016 for €180 million from the Portuguese firm Sodim, which is owned by Pedro Queiroz Pereira, who, in turn, purchased the property in 2001. The hotel was managed by Hyatt from 1990 to 2007.
According to RLH managing director Borja Escalada, the company is looking to invest in businesses across Europe in general and Spain in particular, making this deal good news for its shareholders. Jerónimo Bremer, RLH's executive committee chairman and founding partner of BK Partners, said that the acquisition represented a significant milestone in the company’s strategy. The deal also confirms the company’s “enormous confidence in the Spanish market, one of the most dynamic and attractive in the world," he added.
Credit Suisse served as financial adviser for the buyer alongside Pérez-Llorca as legal advisor. JLL was the real estate investment adviser and Clifford Chance was legal advisor on the seller's side.
RLH Properties owns the Four Seasons hotel in Mexico City, the Rosewood Mayakoba hotel, Banyan Tree Mayakoba, Andaz Mayakoba, Fairmont Mayakoba, the PGA El Camaleón golf course and the Mandarina Development, which includes the One & Only Mandarina hotel (under construction), the Rosewood Mandarina hotel, in development, along with residential developments.