Publish: 15.11.2017

Mark Scheinberg To Open Hotel & Commercial Complex In Madrid

The ‘Centro Canalejas’ complex, which Scheinberg reportedly bought a 50% stake in for $250m in 2017, is expected to finally be completed in 2019.

Mark Scheinberg, the Canadian-Israeli businessman known for co-founding PokerStars and later selling it for $3b, will be opening a new hotel and shopping center plaza in Madrid. The project is part of a number of business ventures he is known to be involved in.

The ‘Centro Canalejas’ complex, which Scheinberg reportedly bought a 50% stake in for $250m in 2017, is expected to finally be completed in 2019.

Hotel, Apartments, & Shopping Center Combined

The massive new complex is expected to combine commercial, residential, and tourist areas. It’s being developed partly via the restoration of several old structures that had previously housed commercial offices, and the hope is that its location in Madrid’s old city will serve to boost the area’s prospects by injecting some new, modern life into it. At the same time, the design plans take special care to ensure the historic character of the neighborhood is respected and celebrated.

For starters, there will be a Four Seasons Hotel featuring 200 rooms that will offer guests from around the world a convenient place to stay while visiting the city. In addition, the facility will feature 15,000 square meters of commercial space where a variety of mid-to-upscale shops will be opened to cater both to the hotel guests as well as the rest of the city.

It’s projected that a number of restaurants and other upscale services will be offered as soon as the doors are opened.

Huge Economic Boost

The center does face some continuing opposition from groups concerned about its effect on the historic character of the area. But those worries were overcome by the prospect of a project that promises to create nearly 5,000 working class level jobs. Given the economic situation in Spain, that’s no small number; it’s no surprise work on the complex continues uninterrupted and on schedule for the 2019 opening.