Rafaelhoteles Atocha in Madrid, Spain, has been sold at auction for €81 million to the Bancalé Family Office.
The bid was double the starting price for the four-star hotel that was owned by the Reyal Urbis group, which is in liquidation, reports El Confidencial.
Bancalé is an asset-holding company belonging to the Aragonese Fabre Luengo family.
Rafaelhoteles Atocha in Madrid has 245 rooms, a gym, the Azafrán Restaurant, 1,000 square meters of meeting rooms, a garden terrace and 110 parking spaces.
It is situated on Méndez Álvaro in the Art Triangle area, the Madrid Puerta de Atocha AVE station.
Bancalé Family Office plans to update the hotel.
In the first three months of the year, hotel investment in Spain was at almost €1,500 million, led by Madrid and Barcelona, says Savills.
