OD Hotels, a chain owned by Marc Rahola Matutes has announced the conversion of the former Real Cinema building in Madrid into the Ocean Drive Madrid hotel, with a capital expenditure of €34 million euros.
OD Hotels recently paid €24.7 million for the emblematic property situated in a privileged location in Madrid’s Opera Square, also known as Plaza Isabel II. The building is on one side of the square and its main façade faces the Royal Theatre (Madrid’s premier opera house) and the Almudena Cathedral.
The plaza is surrounded by some of the most majestic buildings in Madrid and the neighbourhood includes a mix of shopping, entertainment, gastronomic and cultural attractions making it a trendy place to visit and one of the quintessential shopping areas of the capital. Furthermore, the neighbourhood enjoys large green areas and gardens in the Plaza de Oriente and Sabatini Gardens, besides the Royal Palace.
Nº7 Plaza Isabel II has façades on 3 streets: Opera Square, Pedestrian Priorá Street and Costanilla de los Ángeles Street and is constructred on a plot of c. 920m2 which has a maxiumum buildable space of 3,031m2.
The new hotel, Ocean Drive Madrid, is expected to open in Q4 2020 or Q1 2021 and will have 72 rooms, a pool and a rooftop terrace, as well as a restaurant and meeting rooms.