PropertyEU - June 1, 2010
Hotel chain Abba has sold the Abba Castilla Plaza de Madrid in a EUR 33 mln sale-and-leaseback transaction. The deal reflects a yield of over 7%. The buyers are a consortium of private investors led by Grupo Milenium.
The four-star hotel offers 228 rooms and is located in the northern part of the city. As part of the agreement, Abba has signed an option to buy the hotel back after 10 years.
Aguirre Newman advised Abba, CB Richard Ellis acted for the buyers.
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