Have you ever wondered who owns the iconic Westin Palace Madrid? This beautiful hotel is located in the heart of Madrid and has a rich history dating back to 1912 when it first opened its doors.
The Westin Palace Madrid has been a popular destination for travelers from around the world for over a century, but who is behind this luxurious establishment? Let’s take a closer look.
History of the Westin Palace Madrid
The Westin Palace Madrid was originally built by King Alfonso XIII as a luxury hotel to accommodate international visitors during their stay in Spain. The hotel was designed by Spanish architect Joaquín Otamendi and opened its doors on October 12, 1912. Since then, it has become one of the most prestigious hotels in Europe, attracting guests from all walks of life.
Ownership of the Westin Palace Madrid
The ownership of the Westin Palace Madrid has changed hands several times over the years. Currently, the hotel is owned by Centurion Real Estate Partners, an investment firm based in New York City. Centurion acquired the property in 2018 from Host Hotels & Resorts, Inc., a publicly traded real estate investment trust (REIT) that owns various luxury hotels around the world.
Centurion Real Estate Partners
Centurion Real Estate Partners is a private equity real estate investment firm that specializes in acquiring and managing hospitality properties, including hotels and resorts. The company was founded in 2010 by four former executives of Goldman Sachs’ real estate investment banking division. Today, Centurion manages over $4 billion in assets across various property types.
Host Hotels & Resorts, Inc.
Host Hotels & Resorts, Inc. is one of the largest lodging REITs in the world with a portfolio consisting of over 80 premium hotels and resorts around the globe. The company was formed in 1993 and is based in Bethesda, Maryland. Host’s primary focus is on owning luxury and upper-upscale hotels in major urban and resort destinations.
The Future of the Westin Palace Madrid
Under the ownership of Centurion Real Estate Partners, the Westin Palace Madrid is expected to continue to thrive as a luxury hotel destination in Spain’s capital city. The new owners have already completed a renovation of the hotel’s guest rooms, restaurant, and bar areas, breathing new life into this historic property.
Conclusion
In conclusion, the Westin Palace Madrid has a rich history and continues to be one of the most iconic hotels in Europe. While the ownership of the property has changed hands several times over its century-long history, it remains a beloved destination for travelers looking for luxury accommodations in Madrid. With its recent renovation and continued investment from Centurion Real Estate Partners, we can expect to see this grand hotel continue to flourish for many years to come.