Colombian billionaire pays €190M for Madrid's Hotel Villa Magna

Colombian banking billionaire Jaime Gilinski has reportedly paid 190 million euros to the Portuguese Queiroz Pereira family for the 150-room Hotel Villa Magna in Madrid. Spanish site Reportur claims that this transaction is among the biggest in the city in recent years, putting Madrid's hotel values on par with those in New York and London.

The sale of the Hotel Villa Magna outpriced the sale of the Ritz (130 million) and the InterContinental (70 million) and is very close to the 200 million paid by the Qatari Diar W Barcelona. Previous owners SODIM Holding reportedly purchased the hotel in 2001 for 80 million euros.

The new owner is reportedly in talks with Marriott and Starwood to close a deal for the management of the establishment. Until two years ago, the hotel was operated by Hyatt.

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