Mohari Hospitality closed the €330 million refinancing of the Four Seasons Hotel Madrid after assuming sole ownership of the asset, within the framework of the spin-off of the Centro Canalejas Complex agreed with OHLA in October 2025.
Generali Real Estate SGR acted as the sole lender, structuring the transaction through its commercial real estate debt platform. The property, located in the heart of Madrid, includes a main-façade retail space leased to Hermès. Mohari and OHLA had been co-owners of the complex since 2017.
DLA Piper advised Generali Real Estate with a cross-border team from its Madrid and Milan offices. The Finance practice in Madrid was led by César Herrero, with support from Rocío Smith, Pablo González, Ángel Ansorena, and Manuel de la Morena. Giuseppe Mele and Ivano Sproviero participated on the Italian side. The Real Estate practice was handled by José María Oliva, Erlis Spahia, and Elena Teixeira, while tax advice was provided by Miguel Baz and Alberto Lobato. Legal counsel to Mohari Hospitality has not been confirmed.
The transaction illustrates the advance of alternative institutional lenders—Generali Real Estate is acting as the sole lender in this large-scale deal—in a segment, luxury hotel financing in Spain, where traditional banks have been losing ground. The single-asset structure, which includes both the hotel and a lease agreement with Hermès, adds a layer of complexity typical of high-profile mixed-use hotel and retail portfolios.
