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El Corte Inglés to build a new hotel in Madrid

El Corte Inglés is planning to build a hotel in Calle Goya in Madrid, and the city council is about to give the green light to this hospitality project.

El Corte Inglés owns two buildings in the Spanish capital and wants to turn them into a hotel. The project is expected to be authorised on Wednesday 25 May 2022 by the Madrid City Council's Urban Development Commission.

The buildings at 89 Goya Street and 3 Conde Peñalver Street will become the department stores' chain's first hotel. The property, a future four-star hotel, will have 113 rooms spread over seven floors and will require an investment of 6.8 million euros.

The hotel is expected to have a fitness centre, spa, F&B area, meeting rooms and personal services such as a hairdresser and boutiques.

El Corte Inglés already owns several other hotels through a joint venture with the Matutes Group, which includes the Only You Hotels and the Aire Hotels. In addition, the new company resulting from the merger between Viajes El Corte Inglés and Logitravel plans to fully enter the hospitality sector during 2022.

This new company will allow El Corte Inglés to control the product and increase its profit margins while taking another step in its strategy to strengthen its vertical integration model.

 

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