Spain-based Renta Corporación has sold 80 Gran Vía in Madrid for €20.5 million. The buyer, owner of the Hotel Chiqui in Santander, Spain, plans to redevelop the 7,300-square-metre property into a 160-bed hotel.

“This deal confirms that the hotel investment community is mainly focused in acquiring well located assets at competitive prices,” says Jorge Ruiz, head of CBRE Hotels Spain.