Malaysian conglomerate YTL Corp., through its wholly owned subsidiary YTL Hotels & Properties, is acquiring Spanish firm Sol HTL Project for $250 million from KKH Property Investors SLU.
The price includes payment for loans that Sol HTL owes KKH Property Investors.
Sol's freehold hotel in Madrid will be refurbished and converted into a 200-room Marriott International Edition. Last year, Marriott and YTL Hotels agreed to expand their 20-year partnership for branded growth.