Pre-opening | Urbanitae Opens a Capital Increase to Develop a 210-Room Holiday Inn Express in Vallecas (Madrid)

22/09/2026 – ⏱ 3 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Urbanitae is preparing an equity operation to acquire a plot near Mercamadrid, in Vallecas (Madrid), and to build, stabilise and sell a 210-room hotel under the Holiday Inn Express brand. Unlike a loan, the investor comes in as a shareholder and receives no interest: the outcome depends on the sale price of the hotel at the end of the project.

The contribution is channelled through a capital increase in the vehicle company Pendragon Opportunities 5, S.L., which in turn will increase capital in the developer HIEX Madrid Sur Hotel, S.L.U. Urbanitae participates with €1,000,000, expandable by a further €4,000,000, within €8,475,000 contributed by the platform's investors and other co-investors (83% of the equity); the hotel partner contributes €1,735,000 (17%). The planned term is 44 to 48 months. The fact sheet does not state the opening date or the minimum investment.

Asset description, construction progress and sales traction

The project involves a new-build hotel with 10,184 sqm of built area, 114 parking spaces, a bar and restaurant, gym and outdoor pool, next to the M-40 and M-45 roads. It will be operated by Continuum Hotel Management under an IHG franchise; Alta Real Estate will act as delegated developer under a turnkey contract at fixed cost and timeline, with guarantees and penalties, and its construction company Aldara will carry out the works.

The project is at an early stage: the plot has not yet been bought — there is a signed deposit contract — and the building licence, applied for in July 2026, has not been granted. The schedule foresees the purchase in the fourth quarter of 2026, the licence and start of works in the second quarter of 2027, the hotel opening in 2029 and its sale in the fourth quarter of 2030.

Financial structure, scenarios and security

Total equity amounts to €10,210,000. A bank mortgage loan is also planned for construction, for which only indicative terms exist, with a target LTV of 42%. As this is equity, the investor has no mortgage security and no repayment priority over that bank debt.

In line with the CNMV's criteria, no estimated return is published; instead there are three scenarios. In the favourable one, with a sale at an exit yield of 7.5%, projected income is €40,813,096 and costs €30,654,607. In the moderate one, with that yield at 9.38%, income falls to €33,585,089 and costs to €28,654,842. In the unfavourable one, income falls to €26,777,209 and the investor would suffer a partial loss of capital. This last scenario refers to a lease agreement, whereas the structure described is a hotel management agreement; and the fact sheet names the vehicle company differently in the text and in the articles of association (Pendragon Properties 5, S.L.). These are estimates subject to investment risk and not guaranteed.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product. It carries a risk of illiquidity throughout the term and of total or partial loss of capital. It is not supervised by the CNMV or the Bank of Spain, and has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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