Spanish property company Reyal Urbis has announced the sale of its 83% stake in the Tryp Ambassador hotel in the centre of Madrid for around EUR 23 mln, including nearly EUR 19 mln of net equity. The buyer is Caixa Renting, part of financial group La Caixa.

The sale is in line with Reyal Urbis' divestment programme launched in early 2010 as part of the company's refinancing agreement with its main creditor banks.

The four-star hotel will continue to be operated by hotel group Sol Melia. It offers 182 rooms, a bar and a restaurant adjacent to the Opera and the Royal Palace. It was the only hotel property owned by Reyal Urbis which was not operated by the company's Rafael Hoteles unit, which manages a portfolio of 10 hotels in Spain.