Portuguese hotel group Pestana will be paying €420,000 every year to run a five-star hotel in the beautiful Plaza Mayor in the centre of Madrid.
The news is reported by Spanish newspaper El Confidencial, which cites sources involved in the deal.
The hotel will be built in the Casa de la Carnicería building, which will be “rented” to the Pestana group by the council for the next 40 years.
Every year, Pestana will have to pay a €420,000 “rent”.
The newspaper reports that other hotel chains were also bidding for the building, including Spain’s NH.
The building was built in the beginning of the 17th century and was used as a meat storehouse.
This is not the first time that Pestana has opened in Spain.
In 2013, the chain invested €15 million when it took over Barcelona’s Hotel Arena.
