Lopesan Hotel Group, a Canary Islands-based hotel company, and Stoneweg Hospitality have teamed up to acquire the five-star Hotel Miguel Angel in Madrid.
Previously owned by General Mediterranean Holding, the hotel is located in the heart of Madrid's Paseo de la Castellana.
The transformation of the 241-room property will focus on the luxury market with a special emphasis on gastronomy. The completion date of the renovations, during which the property is closed, has not been set.
This transaction represents Lopesan Hotel Group's entry into Madrid and its second venture into the urban tourism segment, following the acquisition of the AC Hotel Iberia in Las Palmas de Gran Canaria earlier this year.