:
Spain: Investor, developer and operator Edgar Suites has expanded in Spain with its fifth acquisition and first property in Madrid.
The building has been acquired from Mazabi, a firm founded in 2009 that currently manages around €1.7 billion in assets for 40 investment groups in 14 countries.
Located at 67 Calle del General Oráa in the Salamanca neighbourhood, the acquired property will be transformed into a serviced apartment building with capacity for up to 58 guests (equivalent to 29 hotel rooms).
Including refurbishment and FF&E costs, the investment represents an approximate €13.2 million for Edgar Suites.
Casilda Mulliez, development director for Spain and Portugal, Edgar Suites, said: “Madrid is particularly well suited to our model: a vibrant international city where travellers increasingly seek the space and comfort of a premium apartment while fully experiencing its gastronomy, culture, shopping, leisure and exceptional climate. This acquisition marks our fifth asset and third city in Spain, bringing Edgar Suites’ total committed investment in the country to €75 million.”
The opening is scheduled for March 2027.
Highlights:
- Serviced apartment developer and operator Edgar Suites has acquired its first Madrid property from wealth management firm Mazabi, marking its fifth project in Spain.
- Located at 67 Calle del General Oráa in Madrid’s Salamanca district, the asset will be converted into a high-end serviced apartment residence accommodating up to 58 guests across 29 units.
- The total financial commitment for the acquisition, full refurbishment, and FF&E is approximately €13.2 million
- Led by Casilda Mulliez, development director for Spain and Portugal, the project brings Edgar Suites’ total capital investment in the Spanish market to €75 million, with an opening scheduled for March 2027.
