Turespaña, which forms part of the Spain’s Ministry of Industry, is planning to transform the Palacio de Congresos de la Castellana in Madrid into a five-star hotel with more than 200 rooms. Costs are estimated at €100m. Turespaña lacks the funds, however, and has admitted it will be seeking private-sector partners. The company will offer a concession to operate the hotel in return for covering the project’s construction costs. Completion is set for 2018.
