- The property has been declared an Asset of Patrimonial Interest and has been part of the SOCIMI’s asset portfolio since 2019
Madrid, November 14, 2022. SILICIUS Real Estate, a SOCIMI specialized in the management of long term properties with stable rents, has completed the rehabilitation work on the Hotel-Teatro Albéniz, one of its most emblematic projects. Located at number 11 de la Paz Street in Madrid, the company added this asset to its portfolio during the 2019 financial year, in an operation that was part of its strategic growth plan.
The Hotel-Teatro Albéniz was inaugurated in 1945 after being conceived as a complex that unified a theatre room, a party room and a hotel, in addition to the offices and homes necessary for its operation. After more than 60 years in operation, in 2009 it closed its doors. In 2016, the construction carried out by the architect Manuel Ambrós Escanellas was declared a historical landmark by the Community of Madrid for its architectural and artistic values, and for its significance for Spanish and Madrid culture, as well as for the activity carried out throughout its history. Three years later, SILICIUS took over the property and added it to its portfolio, thus initiating a rehabilitation project to return it to the market.
The rehabilitation of this building has involved maintaining the original shape and elements that make up the entrance hall, stalls and stage, in addition to the decorative elements typical of the time such as lamps, paintings or sculptures. In addition, the hotel’s façade on Carretas Street is also protected in a special way, certain elements that had been hidden over time having been recovered during the rehabilitation.
This reform project has been carried out taking into account the search for a coexistence between hotel and theatre, a combination of uses and activities that is unique in the city of Madrid and in other European capitals; while respecting the historical character of the building.
It was recently announced that this property will be operated by UMusic Hotels, a new international hotel brand that combines the ultimate music-inspired accommodation and entertainment experience, jointly created by Universal Music Group and Dakia Entertainment Hospitality Group.
Located within the bustling Centro district of Madrid and inspired by the city’s thriving culture, UMusic Hotel Madrid will serve as a creative hub in the community. The property includes 130 rooms and has undergone a comprehensive renovation to transform it into a 5-star establishment with upscale design, two stylish lobbies, meeting rooms, a bar restaurant, outdoor pool, and rooftop bar overlooking the Madrid skyline. Guests will have the opportunity to discover the soul of the city through Madrid’s rich local music heritage, at the hotel’s renovated historic theatre, UMusic Hotel Teatro Albéniz, with 898 seats. UMusic Hotel Madrid is the first property to debut the brand in the world.
“In SILICIUS we are very happy to have completed the reform of this property and to have reached an agreement with UMusic Hotels for its full exploitation”, highlighted the general director of SILICIUS, Juan Diaz de Bustamante. “With the completion of the works and the return to the market of this property, we take another step forward in our strategic objective of growth and enhancement of our asset portfolio.”
