Malaysia's YTL acquires Spanish firm, will develop Madrid Edition

Malaysian conglomerate YTL Corp., through its wholly owned subsidiary YTL Hotels & Properties, is acquiring Spanish firm Sol HTL Project for $250 million from KKH Property Investors SLU.

The price includes payment for loans that Sol HTL owes KKH Property Investors.

Sol's freehold hotel in Madrid will be refurbished and converted into a 200-room Marriott International Edition. Last year, Marriott and YTL Hotels agreed to expand their 20-year partnership for branded growth. 

“The proposed acquisition is in line with YTL Corp. Group’s geographical diversification and expansion of the group’s revenue base through greenfield developments and strategic acquisitions,” according to the company's stock exchange filing. “The luxury-hotel segment in Madrid is growing and the proposed acquisition will enable YTL Corp. Group to enter this market via a strategically located hotel." 

The proposed acquisition is expected to be completed by June 30, 2021. 

Earlier this year, YTL Hotels opened the Academy Hotel in London's Bloomsbury district, which in turn followed the company's move to add the Monkey Island Estate as a member of SLH [Small Luxury Hotels of the World] n July. 

As of June 30, total assets under YTL Corp. were worth about $17.8 billion.