103
103

Hilton, Meliá, Barceló & Kempinski Bid For Miguel Ángel Management

1/02/2014 – Expansion

Fuss on the Spanish hotel market about the future of the Hotel Miguel Ángel in Madrid. The historical establishment, located on the Paseo de la Castellana Street, was left without operator in 2014. Before, Occidental fulfilled that role (…).

Although few asked about the Hotel, the four offers, preceding from two Spanish and two foreign groups, are very serious ones. They come from Hilton, Meliá, Barceló and Kempinski.

For Hilton, the third chain in the world with 4.000 hotels that has been just listed on the stock market, the purchase would be return to Madrid, where the company arrived in 1953 to manage present InterContinental, also on the Castellana Street. Meliá operates 23 hotels in the capital, while Barceló would reach its 2014 target: be in the heart of Madrid. The Swiss chain Kempinski (…) would open the second hotel in Spain (the other one is situated in Estepona).

Rent

The millionaire Nadhmi Auchi, hotel´s owner, obviously has got the last word and he is not in hurry whatsoever. (…) He receives plenty of offers, also from London.

In parralel, the businessman does not deny the possibility to incorporate to his luxury chain Le Royal, present in Luxembourg, Marocco, Tunisia, Liban and Jordan. (…).

Also, Hyatt, that has got no hotel in Madrid, expressed interest in the management. (…).

Miguel Ángel, 5-star and 267-room, requires renovation which might cost up to €30 million. Auchi hopes to share the amount with the new manager.

(…) What is more, the millionaire seeks chain that would also pay a rent. Its last tenant, Occidental, found it too difficult to stay and had to terminate a 25-year rent contract signed in 1999 with Auchi. (…).

Original article: Expansión (Yovanna Blanco)

Translation: AURA REE