Archer Hotel Capital (“Archer”) today announced that it has completed the acquisition of the 200-room Madrid EDITION ahead of its opening and scheduled completion date in December 2021. The opening has been delayed due to the pandemic and is currently scheduled to take place by the end of the year. KKH Property Investors (“KKH”) will continue to oversee the development of the hotel under a development services agreement.
”We are pleased to complete the transaction for the Madrid EDITION on an accelerated basis and are now eagerly looking forward to the hotel’s opening. This revised transaction is a creative solution amidst the ongoing pandemic and represents a win-win for both buyer and seller.”, said Dominic Seyrling, Director, Investments for Archer Hotel Capital.