Portuguese firm Sodim SGPS SA has sold the five-star, 150-bedroom Hotel Villa Magna, Madrid, Spain, to Turkish Dogus Group. The price is thought to be €180 million.
The Villa Magna is one of the most luxurious hotels in Spain located on Madrid's prime commercial thoroughfare Paseo de la Castellana. The hotel's outstanding location provides excellent accessibility to business and financial districts as well as tourism spots.
Sodim SGPS SA acquired the Hotel Villa Magna in 2001. The hotel underwent a full refurbishment for two years and reopened in January 2009. Sodim is a Portuguese company based in Lisbon, held by Pedro Queiroz Pereira, with interests in the hotels business well as in the environment, cement and pulp and paper industry.
Source: Property Mall