Commerz Real acquired an existing office building that will be converted into a hotel

Commerz Real (through its Luxemburg-based company CR Fund Management S.á.l.r) acquired an existing office building that will be converted into a (2-star, 280 rooms) hotel in Madrid. The hotel will be managed by Steigenberger Hotel AG under their Zeep Hotel brand. The real estate is located in Pegaso City business park, close to the Madrid Airport. Works will start during 2020 and completion is expected during 2021. 

CVO Group supported the Commerz Real team with (technical) due diligence services. Project monitoring services will follow during the construction and hand over phase.