Spanish property group Metrovacesa has sold the Hotel Husa Paseo del Arte in Madrid to César Losada, a Spanish businessman and the majority owner of the hotel investment fund Losan Hotels World. The transaction, which will be carried out through a vehicle fully owned by Losada, amounts to around EUR 50 mln, according to Spanish papers.

Metrovacesa is said to have invested around EUR 40 mln in the development of the asset, which represents the second hotel sale by the Spanish group after the disposal of the NH Maquinista hotel in Barcelona last month.

The four-star asset in Madrid offers 260 rooms across 11,623 m2 of space. Opened in 2006, the hotel is currently operated by Husa. The transaction is Losada's first purchase in the Spanish hotel market after an absence of over 11 years. It is expected to be closed by the end of March.