Mohari Hospitality announces today that its Spanish subsidiary, Remer Investments, and global flexible workspace provider IWG have entered into a new ten-year profit-sharing agreement for Palacio Miraflores, a 7000-square-metre commercial office building located in the heart of Madrid, close to the Centro Canalejas development.
Regus, an IWG subsidiary, has already been operating under a conventional lease arrangement since the property was acquired by Mohari in 2017. Under the new agreement, IWG’s footprint will expand to approximately 4,000 sqm – which equates to 60% of the building space. It will also include a comprehensive renovation and rebrand under IWG’s newer Spaces concept. Spaces offers creative working environments with a unique entrepreneurial spirit.
The new facility will have capacity for nearly 600 flexible workstations and is expected to open during the summer of 2021. Nike will remain in place as the building’s second anchor tenant with approximately 40% of the footprint as a corporate facility, as well as the Japan National Tourism Organization.
About Mohari Hospitality
Mohari Hospitality, founded in 2017 by businessman and investor Mark Scheinberg, is a global investment company that engages in a broad range of real estate investment activities, with emphasis on luxury hospitality in prime urban and resort markets. Mohari’s existing investments include Peninsula Papagayo, a 2,200-acre sustainable master development, located in Costa Rica’s Guanacaste province and anchored by a Four Seasons luxury resort; The Ritz-Carlton Yacht Collection, a new ultra-luxury cruise line launching in 2020 and the 1 Hotel Toronto, currently under redevelopment as a luxury lifestyle hotel and the brand’s first hotel in Canada. Mohari seeks to protect the cultural heritage and natural environments of all areas related to its projects and is committed to identifying and contributing to philanthropic projects in each location where it does business.
About IWG (International Workplace Group)
IWG plc, formerly Regus, is the global operator of leading workspace providers. These include Regus, Spaces, No18, HQ, Basepoint, Open Office and Signature by Regus. Our companies help more than 2.5 million people and their businesses to work more productively right across the planet. We do so by providing a choice of professional, inspiring and collaborative workspaces, communities and services. We started by pioneering flexible working over 30 years ago and have continued to lead the market ever since. We are leading the way by redefining the whole workplace industry. It is not just about physical space. It is about providing an entire ecosystem that supports business on global level and highly localised businesses too. Our solutions are flexible, agile, disruptive and cost effective which perfectly suit the needs of Corporate organizations as well as small and medium size companies.