Generali Real Estate S.p.A. has bought the Hotel Petit Palace in Madrid’s Puerta del Sol. On behalf of Generali Group GEIH (Generali Europe Income Holding), the fund has closed the acquisition of this mixed use 3,600m² retail/hotel property in the center of Madrid.
The 8-storey building, on Calle Arenal nº4, is situated in the very heart of Madrid and has views of the iconic Puerta del Sol city square. The façade dates from the 19th century and houses a well-known boutique hotel on the upper floors and a retail unit on the ground and first floor.
The property vehicle of the Italian insurer, Generali, has been advised DLA and Arup whilst the seller, a family office, was advised by CBRE. This is Generali’s second acquisition in the area after buying Calle de Preciados 9