MADRID-UK-based Continental Property Investment, the investment fund controlled by British investor Boutros El Khoury, has paid $174 million to purchase Triangle Princesa hotel complex here from struggling listed group Metrovacesa – the largest Spanish hotel deal of this year so far.
After more than one year of negotiations, El Khoury has closed the purchase of the Five-Star Husa Princesa and Four-Star Husa Moncloa, both located in the city center of Madrid and locally known as Princesa Triangle. The complex is composed of the two hotels (423 rooms), a 40,000-square-foot office building rented to El Corte Ingl
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