VP Plaza España Design | Feasibility Study

Market Research, Feasibility Study and Product Definition for a five star hotel in Madrid

The Challenge

Location: Plaza de España, Madrid (Spain)
5* luxury hotel, 214 rooms, 25,000 m2

Feasibility study for a luxury hotel in Madrid. VP Hotels family group owned a set of buildings in Plaza de España (Madrid), which they wanted to transform into a new 5* hotel. For this reason, they hired THE INNOVA ROOM to carry out a Market Study and Feasibility Study, for evaluating the different possible scenarios for the creation of this product.

Its opening has been one of the largest tourist operations carried out in the area for years. The hotel has become one landmark in the area.

How We Did It

Scope of work

  • Risk and opportunity analysis
  • Global, national and local hotel trends
  • Study of the competition and comparable benchmark
  • Analysis of the client’s current product
  • Analysis of tourism regulations and conditions
  • Product positioning study
  • Potential levers for product differentiation from competitors
  • Definition of the detailed program of optimal uses and surfaces of the entire complex for a profitable operation
  • Space distribution proposal and overall organization scheme
  • Room mix proposal
  • Proposal for F&B areas (restoration)
  • Proposal for complementary areas (leisure and wellness)
  • Alternative scenarios according to different mix options and space distribution
  • Provisional income statement, and scenario analysis
  • Spatial efficiency ratios (m2/ inhab)
  • KPIs (Key Performance Indicators): occupancy, ADR and RevPar

In the second phase of the work, the Executive Project (by B720 architecture) was reviewed and adjusted to better met the future business’ requirements. Among other aspects, in was adjusted and redesigned: the dimensioning of Bach of house area, the public and service communication flows, the accessibility, the room mix an some public areas layout (reception, breakfast area, meeting and events rooms, wellness and sky-bar).

Main data

  • Category: Five stars
  • Number of rooms: 214
  • Meeting rooms: 1,420 m2
    Total area: 343 m2
  • Floors: 17 above ground level and 4 below ground level

Project teams:
Architecture: B720
Interior design: Cuarto Interior (common areas and rooms) and Studio Gronda (Sky Bar and event rooms)

Images: VP Plaza España Design website, photos taken by Daniel Schäfer

Equipos de proyecto:
Arquitectura: B720
Interiorismo: Cuarto Interior (zonas comunes y habitaciones) y Studio Gronda (Sky Bar y salones de eventos)

Imágenes: web de VP Plaza España Design, fotos realizadas por Daniel Schäfer

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