The central Madrid Gran Via has witnessed in just a month and a half four real estate transactions that involved a total investment of nearly 480 million euros.
The last to sell was BBVA that has broken away from a building at number 42 on this street for about 16 million euros. According advanced the idealist News website, buyers are a group of Asturian investors who already owned two shops in the building.
The initial intention of the new owners is to convert the building into a hotel. According to industry sources have explained this newspaper is likely to be the investors themselves who manage the asset, instead of signing a contract with any large chain.
BBVA, which carried out the transaction through its building nests, bought the building three years ago to give a new use, since it was an office building, but plans were delayed because it was a building of protected nature.
In October last year, the City Planning Commission approved a special plan that allowed rehabilitate the property to give a change of use and build a hotel. At that time, the company plans passed by developing an establishment with 100 rooms in this house that neighbors the Palace of the Press and is very close to the Plaza de Callao.
This will not be the sole property of Gran Vía that change of use to become a hotel, since the Vincci chain will open a new facility at number ten, which was previously dedicated to offices.
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