Madrid will welcome its first Kimpton hotel in 2030 after IHG Hotels & Resorts reached an agreement with El Corte Inglés to transform two historic properties in the prestigious Salamanca district into a five-star lifestyle destination.
The planned Kimpton Madrid hotel will occupy adjoining buildings at 89 Goya Street and 3 Conde de Peñalver Street, close to the El Corte Inglés department store in one of the Spanish capital’s most valuable commercial and residential areas.
The development will offer approximately 100 guestrooms across seven floors, with restaurants and premium communal spaces planned as part of a project covering more than 9,000 square metres. Commercial activity will remain on the lower levels of the properties.
Under the management agreement, IHG will operate the hotel while El Corte Inglés retains ownership of the assets. Colliers Hotels advised on the transaction, which also marks El Corte Inglés’ return to the hotel accommodation business.
Historic Buildings Set for Major Transformation
The project involves the conversion and integration of two neighbouring buildings dating from the 1920s.
The properties will undergo a comprehensive redevelopment, beginning with technical planning before full construction and refurbishment work. Their transformation will introduce internationally branded accommodation while maintaining a connection to the architectural identity of the surrounding district.
Madrid authorities approved the special planning framework required to change the buildings from residential to hotel use several years before the operating agreement was completed.
The development demonstrates how owners are repositioning valuable urban properties to serve Madrid’s expanding visitor economy. It also highlights growing demand for hotels combining historic settings, lifestyle design and internationally recognised hospitality brands.
Salamanca Offers a Prime Luxury Address
The Salamanca district is among Madrid’s most established high-end neighbourhoods, known for elegant streets, premium residences, designer stores and sophisticated dining.
Its Golden Mile shopping area attracts international visitors seeking luxury fashion and personalised retail experiences, while nearby restaurants and cultural attractions strengthen the district’s appeal for extended city breaks.
The new hotel’s location at the intersection of Goya and Conde de Peñalver will place guests within an active commercial zone with access to public transport and major areas of central Madrid.
For Kimpton, the neighbourhood provides a strong setting for its lifestyle model, which typically connects hotels with local dining, design and community experiences.
The property is expected to appeal to affluent leisure travellers, business visitors and guests seeking smaller, personality-led alternatives to conventional luxury hotels.
Restaurants Will Broaden the Visitor Experience
Restaurants and premium guest areas form an important part of the development, although detailed concepts have not yet been publicly announced.
Food and beverage venues can increase a lifestyle hotel’s relevance beyond overnight accommodation by attracting local residents, corporate guests and international travellers.
Madrid has strengthened its reputation as a culinary destination through traditional markets, neighbourhood restaurants, contemporary dining and established fine-dining venues. A locally connected restaurant strategy could therefore help the future hotel compete within the city’s increasingly sophisticated hospitality market.
The project may also generate additional activity for nearby retailers, restaurants, transport operators and cultural businesses by attracting guests with strong discretionary spending.
Kimpton Expands Its Spanish Portfolio
The Madrid property will become Kimpton’s fourth hotel in Spain, joining existing locations in Barcelona, Mallorca and Marbella.
This portfolio gives the brand a presence across urban, island and Mediterranean resort markets while adding the national capital as an important international gateway.
Madrid’s addition is particularly significant because it combines year-round leisure tourism with business travel, events, shopping and cultural demand. Unlike destinations that depend heavily on seasonal beach traffic, the capital attracts visitors across multiple travel segments throughout the year.
For IHG, the signing supports wider expansion of its luxury and lifestyle brands in Spain, a market benefiting from strong international demand and sustained hospitality investment.
Tourism Spending Supports Hotel Development
Spain recorded €134.7 billion in international tourist spending during 2025, an increase of 6.8 percent from the previous year.
The Community of Madrid accounted for 13.3 percent of national international visitor expenditure, equivalent to approximately €17.9 billion. This places the region among Spain’s most important destinations for high-value tourism spending.
Madrid also recorded strong year-end performance, with international tourist expenditure in the region rising by 14 percent in December 2025 compared with the same month a year earlier.
These results help explain why international operators and investors continue pursuing development opportunities in the capital. Higher visitor spending supports demand for premium rooms, restaurants, shopping and personalised travel experiences.
Opening Could Elevate Madrid’s Luxury Position
The Kimpton Madrid hotel will add new five-star capacity to Salamanca while introducing a globally recognised lifestyle brand to the Spanish capital.
However, the project is still at an early development stage, and specific room categories, restaurant concepts and guest amenities may evolve before the scheduled 2030 opening.
Once operational, the hotel could strengthen Madrid’s ability to compete with other European capitals for affluent city-break travellers and premium business demand.
Its combination of historic buildings, a prominent Salamanca address and Kimpton’s design-focused hospitality model positions the project as a notable addition to Madrid’s future hotel landscape.
By 2030, the development is expected to contribute to local employment, visitor spending and the continued transformation of Spain’s capital into a leading European destination for luxury tourism, gastronomy and culturally focused urban travel.
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