Forvis Mazars acted as financial due diligence advisor to EXTENDAM on its acquisition of a portfolio of three four-star hotels in Madrid and Barcelona, a transaction that further strengthens the French hotel investment specialist's presence in the Spanish market.
"We are delighted to have supported EXTENDAM on this significant transaction by providing financial due diligence services. This acquisition highlights the structural attractiveness of the Spanish hotel market and the continued appetite of investors for well-located assets in established urban destinations. It has been a privilege to work alongside EXTENDAM on this transaction," said Marcos Vidal, Financial Advisory Partner at Forvis Mazars.
The transaction comprises a portfolio of 543 rooms across three hotels: Crowne Plaza Madrid Centre Retiro (157 rooms), Voco Madrid Retiro (197 rooms), and Hotel Indigo Barcelona Plaza España (189 rooms). All three properties operate under IHG Hotels & Resorts brands.
With this acquisition, EXTENDAM expands its Spanish portfolio to 35 hotels and more than 4,400 rooms, reinforcing its growth strategy across the Iberian Peninsula and its commitment to hotel assets in Europe's leading urban markets.
The two Madrid properties are located in the Retiro district and benefit from shared facilities, including a restaurant, 17 meeting rooms, a fitness centre, and parking. The value creation strategy includes several repositioning initiatives, such as the construction of an outdoor swimming pool by 2027, the development of an approximately 300 sq m food and beverage terrace, the expansion of dining options, the creation of premium suites, and further growth across the MICE, corporate, airline, and direct booking segments through IHG's distribution platform.
Meanwhile, Hotel Indigo Barcelona Plaza España, located in the Montjuïc area, is a recently refurbished asset whose management strategy will focus on revenue optimisation and commercial initiatives aimed at further enhancing its operating performance, while leveraging IHG's global commercial and distribution platform.
The transaction takes place against a particularly favourable backdrop for the Spanish hotel sector. According to Cushman & Wakefield's Hotel Investor Compass 2025 report, Madrid and Barcelona rank as the second and fifth most attractive cities in Europe for hotel investment, respectively. In addition, Madrid welcomed 10.4 million visitors in 2025, while Barcelona recorded Spain's highest urban RevPAR, at €143.1.
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