The real estate arm of the French insurance company, Axa Real Estate has acquired the building that houses Hotel Rex and the historical cinemas of the same name on Gran Via in Madrid. The cost of the property, which has 9,000 sqm of commercial space and a 147 room 3-star hotel, is €42m. Axa plans to refurbish the building and to operate it by combining its two retail and hotel functions. Axa has pledged to to respect the protected historical nature of the cinemas, which have been closed for several years and which occupy a surface area of almost 700 sqm.
