The Riu Hotels chain plans to develop Edificio Espa帽a in Madrid after purchasing the building from Baraka.
According to market sources Mallorca-based hotel chain Riu Hotels and Resorts is understood to be paying Spain鈥檚 Baraka Group more than 鈧�270 mln for the Madrid landmark Edificio Espa帽a and plans to develop the 15,000 m2 building as the first Riu Plaza urban hotel in Spain.
Baraka is thought to have virtually simultaneously bought and sold the building having completed its purchase from Chinese group Dalian Wanda through agent JLL for 鈧�272 mln.
Following the financial and Spanish banking crises, Chinese group Dalian Wanda bought the building in 2014 for 鈧�265 mln, itself planning a luxury hotel and retail complex. However, when the Madrid planning authorities refused consent for the comprehensive changes to the building鈥檚 facade that Dalian Wanda planned, the company agreed to sell Edificio Espa帽a to Baraka in July 2016.
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