ActivumSG has announced a €25m (£22m) programme to redevelop a municipal office building into Madrid’s first-ever Hard Rock Hotel.
The proposed Hard Rock Hotel Madrid will have 159 music-themed rooms and dining facilities situated opposite the historic Museo Nacional Centro de Arte Reina Sofía in the Atocha district of Madrid. Alongside the rooms, the latest Hard Rock Hotel will be the 27th in the world-renowned HRI portfolio, will feature a Constant Grind coffee bar, a Sessions restaurant and a Body Rock fitness centre.
ASG acquired the site of the soon-to-be hotel when it was a municipal office building, and is leading an extensive €25m programme to reposition it as an upscale 4-star hotel.
Brian Betel, managing partner of ASG Iberia Advisors, said,“This is a classic ASG investment. We saw that this office building had far more untapped potential as a hotel given its proximity to Madrid’s major attractions, business center and shopping quarter. We are unlocking that value for our investors and Hard Rock Hotels’ unique brand will make an exciting contribution to the area. Selecting such a distinguished operator as Hard Rock Hotels is a major step forward in our business plan for this asset and our broader strategy in Spain. Our choice of Hard Rock stems from its renowned brand, its experience as an operator and its international reach.”