Extendam’s 300th hotel is an ibis Styles in Madrid

Extendam has acquired a 3,000 square metres of developed land in an attractive tertiary location to build its 300th hotel: a 260-room ibis Styles convenient to Madrid’s city centre and airport. Construction work will be launched in February 2023 with a view to opening in early 2025. AGP Hotels, a partner and co-investor with a dozen franchised hotels in France and Spain, will run the business.

A new hotel in the heart of an area undergoing major urban transformation

The future ibis Styles will be in Valdebebas, home to the Isabel Zendal hospital, Real Madrid’s training ground, the IFEMA exhibition centre, and the attractive La Solana neighbourhood. Valdebebas offers easy access to Madrid Airport’s Terminal 4. The area is currently undergoing extensive urban renovation that includes a new civil courthouse, 36,000 square metres of office space, a 145,000 square-metre shopping centre and the IFEMA expansion. The site also features green space such as the Felipe VI Park, which measures over 400 hectares. The new 8,675 square-metre hotel will meet the needs of Madrid’s booming tourist industry and accommodate business travellers attracted by the new infrastructure.

“We are delighted to team up with AGP Hotels for the first time to open a hotel nestled in an area of Madrid undergoing rapid change. Madrid’s hotel market recovered well in 2022. At the end of October cumulative RevPAR stood at almost 130% versus 2021 despite health restrictions at the start of the year. We are very confident that the ibis Styles will fit well with surroundings that combine attractive town planning with natural green spaces,” say Jean-Marc Palhon and Bertrand Pullès, respectively Chairman and Deputy Managing Director of Extendam.

Extendam’s first deal with AGP Hotels

AGP Hotels, a subsidiary of the family-owned PGA Holding which is active in the wine, property and investment sectors, is an independent hotel group founded in 2009 by Alexandre Guénant, a former hotel manager who was previously an executive with the Accor group in Spain and a member of the Accor Franchisees Association (AFA). The group steps in during hotel takeovers, constructions, conversions and rebrandings, and mainly operates hotels under franchise. The group owns and operates over 600 rooms including five hotels in France and three Accor hotels in Spain (ibis and ibis Budget in Alcala de Henares and Ibis Valladolid).

Extendam has a portfolio of 300 hotels in France and Europe, with an asset value of €3.3 billion as of 31 December 2022 and is the leading private equity specialist for the hotel industry in Europe.

“We are delighted to begin our collaboration with Extendam on this developmental project which will strengthen our position in Spain. In recent years, our group’s expertise and high hotel management standards have earned recognition from the franchisors Accor and Louvre Hotels Group as well as from the French Ministry of Crafts, Trade and Tourism. We have an ambitious collective vision for this future ibis Styles hotel in Valdebebas, which is part of a plan to expand our business and operate 25 hotels by 2030,″ adds Alexandre Guénant, Chairman of AGP Hotels.

A major project for Accor Europe

“The future ibis Styles in Valdebebas is a major project in Europe. It is in line with our roadmap that focuses on the development and running of mixed-use projects. Our ability to provide hotel partners and investors with all-round solutions throughout each project’s lifespan is a key differentiator. We look forward to doing just that on this new project. We are delighted that Extendam is supporting the development of our long-standing franchise partner AGP Hotels, which became Spain’s first ibis franchisee in 2009,″ concludes Cristina De Oliveira-Frewen, COO Franchise Operations Europe & North Africa of Accor Premium, Midscale & Economy.