La marca hotelera Ritz elige Madrid para su aterrizaje en el negocio residencial

Madrid has welcomed the first branded Ritz residences project with Blasson Property and Pictet Alternative Advisors investing 150 million euros in the transformation of an old National Audience building into 29 ultra-luxury apartments. The iconic Madrid Ritz hotel, closely tied to the historic Plaza de la Lealtad, is set to launch the Ritz Residences Madrid in the number 14 Goya street.

This project will combine the prestigious Salamanca-Recoletos axis with the brand's prestigious reputation and a personalized service model. It marks the second joint venture of Blasson and Pictet after their successful Mandarin Oriental residences in Hermosilla street. The goal of this promotion, the first Ritz Residences Ritz, is to surpass the 22,000 euros per square meter milestone achieved in Hermosilla.

Unlike hotel-linked promotions, Ritz Residences Madrid will operate as an independent building maintaining its own philosophy and character. Designed by Spanish studio Bueso-Inchausti & Rein Arquitectos and interior design by IBU Studio, this complex is the first Ritz-branded residential project worldwide. Alongside Madrid and Paris, London's Ritz completes the iconic historical legacy.

The Ritz Madrid hotel opened its doors in 1910, originally inaugurated by King Alfonso XIII and Queen Victoria Eugenia. Acquired by Mandarin Oriental and Saudi investment group Olayan for 130 million euros in May 2015, the Goya 14 building features eight floors plus a roof terrace, amounting to 10,000 square meters of surface area and 100 parking spots.

The residences will have an average area of 300 square meters each, along with private facilities including three swimming pools (one indoor and one rooftop), sauna, spa, gym, wine cellar, private bar-library, private dining room, and a pet-friendly zone. The prime location, just a stone's throw away from Madrid's Retiro Park, Jorge Juan street (known for its gastronomic offers and shops), and the main museums of the capital, will undoubtedly add to the allure of this luxurious project.

Development is expected to be completed by the end of 2028 after the completion of structural reinforcement and facade removal works, with a selective marketing approach as the Ritz Residences Madrid sale will be restricted, moving away from conventional mass channels. Pictet and Blasson acquired the property, previously owned by Socimi GMP, a year ago.

Previously, both partners collaborated on the Mandarin Oriental residences located at the intersection of Hermosilla and N�ez de Balboa streets, a project that set records in the capital with units sold within only 16 months. Founded in early 2021, Blasson has established itself as one of the most active luxury hotel and residential property managers in Spain, with a market value of around 2.2 billion euros.

Meanwhile, Pictet Alternative Advisors, part of the Geneva-based Pictet group, manages direct and indirect investments in hedge funds, private equity, and real estate assets for private and institutional clients, with 54 billion euros in assets under management.