RIU to open a hotel of its urban line, Riu Plaza, in Madrid's emblematic "Edificio España" (Spain)
The hotel chain has signed an agreement with Baraka for a 25% share in the ownership and renovation of the centrally located building, where it will open its first urban hotel in Spain |
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RIU to open a hotel of its urban line, Riu Plaza, in Madrid's emblematic "Edificio España" (Spain)
The hotel chain has signed an agreement with Baraka for a 25% share in the ownership and renovation of the centrally located building, where it will open its first urban hotel in Spain |
Category: Europe - Spain - Industry economy
- New brands / Affiliations
This is a press release selected by our editorial committee and published online for free on 2017-01-19
RIU Hotels & Resorts has signed a strategic partnership with the Baraka business group to take part in the ownership and renovation of the emblematic Edificio España on Madrid's Plaza de España, to open a hotel of the Riu Plaza line. The hotel chain from Mallorca and Baraka have created a joint venture in which RIU holds a 25% share. The agreement signed recently between the two companies also includes a contract for management of the hotel, which is expected to be inaugurated in two years’ time, following completion of the renovation works.
For RIU, this project represents an incursion into Spain's urban hotel market, a longheld desire for the company that could not materialize until finding such an excellent opportunity and location. The new Riu Plaza will occupy 24 floors of the 27-storey Edificio España, while the rest will be designated for commercial use; it will have approximately 650 rooms and a 4-star category. The project, which is in the final design stages, will also include over 1,800 square meters of space for events, including a 1,500-square meter open hall with a height of six meters, making it a unique space in the heart of Madrid. It will also have two restaurants, a swimming pool on the roof, which will also be the site of the Sky Bar and another 900 meters of additional space for events.
With all these amenities, in addition to its central location, RIU hopes to attract leisure travelers visiting Madrid to enjoy shopping and cultural visits, as well as corporate travelers.
"We are very excited about this new project. It will not only signify our Riu Plaza brand’s début in Spain but will also be a worldwide reference for the company thanks to its excellent location on Madrid's Gran Via and the singular nature of the Building. We believe that this partnership with Baraka is an excellent opportunity to strengthen our brand’s positioning in Spain and in the world", affirmed Carmen and Luis Riu, the CEOs of RIU Hotels & Resorts.
RIU currently has six Riu Plaza hotels around the world. The first one opened its doors in Panama City in 2010, and since then has been joined by the Riu Plaza Guadalajara in Mexico, the Riu Plaza Miami Beach and Riu Plaza New York Times Square in the United States, the Riu Plaza Berlin in Germany and, more recently, the Riu Plaza The Gresham Dublin in Ireland.
About RIU Hotels & Resorts
The international RIU chain was founded in Mallorca by the Riu family in 1953 as a small holiday firm and is still owned by the family's third generation. The company specialises in holiday resorts and over 70% of its establishments offer its acclaimed All Inclusive by RIU service. With the inauguration of its first city hotel in 2010, RIU is expanding its range of products with its own line of city hotels called Riu Plaza. RIU Hotels & Resorts now has 95 hotels in 19 countries which welcome over 4 million guests a year and provide jobs for a total of 26,867 employees. RIU is currently the world's 29th ranked chain, one of the Caribbean's most popular, the second largest in Spain in terms of revenue and the third largest in number of rooms.
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