Spanish property group Metrovacesa is negotiating the sale of its Husa Princesa hotel in Madrid, according to Spanish newspaper Expansion. The Paris-based investment fund SA Continental Property Investments is the frontrunner in the bid to acquire the asset, whose value is estimated to be around EUR 150 mln. BNP Paribas Real Estate is advising Metrovacesa on the sale process.
Spanish property group Metrovacesa is negotiating the sale of its Husa Princesa hotel in Madrid, according to Spanish newspaper Expansion. The Paris-based investment fund SA Continental Property Investments is the frontrunner in the bid to acquire the asset, whose value is estimated to be around EUR 150 mln. BNP Paribas Real Estate is advising Metrovacesa on the sale process.
Metrovacesa, which suffered a loss of EUR 178 mln in the first six months of 2009, has been trying to dispose of a number of non-core assets to reduce its debt burden. Hotel Husa Princesa is part of the portfolio which Metrovacesa earmarked for sale last year after it had been pressed by creditors to reduce its EUR 5.2 bn debt.
In addition to Holte Lusa, the portfolio included a Husa Monscloa hotel in Barcelona, the FNAC building in Madrid, the Vodafone headquarters in Pozuelo, and the Versia head office.
