Hotel for Sale in Palermo Soho, Buenos Aires, Argentina

Exclusive and Profitable French Style Mansion Boutique Hotel

PRICE REDUCED FROM USD 2.5 M TO USD 1.6 M FOR A PROMPT SALE!

Opened in March 2008 after 2 years of construction and renovation. The original 1930’s mansion (French neo-classical style) was completely gutted and restored from the foundations up.
The ground floor features the reception area and a 20 seat wine bar/restaurant with a full professional kitchen.
The restored original wooden staircase leads down to the wine cellar, which has brick walls with arches that are reminiscent of the original brick foundations.
There is a courtyard at the back of the hotel, with a fireplace, and a large planter, with climbing plants and flowers that will eventually scale the 10 m high walls.
There are three rooms on the second floor: The Suite, which is really two rooms separated by solid french doors, can sleep up to 4 adults. It has 3 large arched windows with bevelled glass that overlook a plaza in front of the hotel.
Courtyard rooms 2 and 3 are at the back of the hotel, and feature ensuite bathrooms with imported spanish porcelain tiles and the best quality fixtures available.
Courtyard 2 has a cast iron balcony, while Courtyard 3 has a much larger balcony tiled with traditional argentine style hand painted tiles.
The third floor is a completely new addition, and features 4 meter high sloped cathedral ceilings.
The Terrace Loft room at the front of the hotel features a clawfoot bathtub inside the room, under one of the two arched windows overlooking the plaza in front.
This room has a fabulous private terrace, which has room for a dining table and chairs plus lounge chairs for sunning.
Courtyard Loft 5 also has high sloping ceilings, ensuite bathroom and a cast iron balcony.
Courtyard 6 is larger than #5, and the bathroom is large enough to accommodate a handicapped person. The bathroom has a skylight as well. There is a cast iron balcony.
The roof terrace features hand painted tiles, a built in barbecue, outdoor furniture and space for a jacuzzi. The view at the front is protected by the massive trees lining the street. At the back there is a wide open view over the rooftops of the neighbourhood.

+The neighbourhood:
Palermo is a large neighbourhood, quite bohemian, full of gorgeous old buildings that are rapidly being restored to their former glory. This is a traditional barrio, with cobblestone streets lined with huge sycamore trees.
The hotel is located in the heart of Palermo Soho, a few blocks from Plaza Serrano, Plaza Palermo Viejo (also called Plaza Armenia), Plaza Italia, the botanical gardens, the zoo, the famous la Rural convention center, the subway, the main street ‘Santa Fe’, and Palermo bosque (‘woods’) which is a park equal in size to New York’s Central Park.
Zoning regulations allow a mixture of uses so that you can find an entertaining mix of trendy and traditional restaurants, cafes, art galleries, family grocery stores and small hotels in the midst of residential housing.
All of the top fashion designers have their boutiques here, and the first Starbucks has just opened its doors.

For Palermo Soho, the zoning allows one to build an amount of covered space equal to 1.6 times the lot size. In other neighbourhoods (Palermo Hollywood for example) they often allow double that density, so old mansions are being knocked down and replaced with much larger apartment buildings.
There are height restrictions in Palermo Soho, so no one could build a large building anywhere around the hotel, which means the charm of the neighbourhood will be preserved,
It also means that large hotels cannot be built anywhere is Palermo Soho, ensuring that demand for rooms will continue to outstrip supply.


+Construction details:
The hotel design and construction was overseen by the respected architectural firm Ghibaudi, Tresca, Celesia.
The building was completely gutted and entirely new foundations were poured according to the specifications of an engineer hired to oversee this part of the project.
In early 2008 Buenos Aires experienced serious flooding and not a drop of water entered the hotel or the wine cellar.
The cellar is big enough to hold 20 or more people for a wine tasting or dinner event.

+Other features:
• 100% new electrical system including surge protection
• 100% new plumbing including drains, water tanks, auxiliary pumps (never needed up to this point in time)
• 100% new gas lines
• DOUBLE LAYERS OF DRYWALL on both sides of every wall and on the ceilings, with sound insulation in between
• Custom made galvanized steel roof
• Hardwood floors in every room and common area
• Bevelled glass in every window
• Restored windows and doors and original hardware
• Custom made doors and windows that match the originals where needed
• Built in closets and furniture
• Imported McQuay central air conditioning unit with Honeywell controls
• Imported spanish porcelain tiles in all bathrooms including the 3 public restrooms on the ground floor
• Accessible to wheelchairs
• Brand new 6 person HYDRAULIC elevator (very quiet)
• Central staircase built to meet all fire safety standards
• Real plaster cornice moldings
• All new plaster on every wall
• 18 inch thick concrete and brick exterior walls
• 12 inch thick reinforced concrete floors
• Hand painted exterior tiles in all outdoor areas including the front sidewalk, roof terrace, courtyard, private terrace (Terrace Loft) and balcony (Courtyard 3)
• High quality exterior ‘tarquini’ finish to restored facade
• Laundry room
• Custom made marble counters in all baths
• Marble entrance
• Men’s, women’s and disabled bathroom on the main floor


+Hotel Fixtures:
• Best quality fv faucets in all bathrooms
• Best quality bath fixtures
• Best quality beds imported by Rosen from Chile
• Custom made desks, night tables in all rooms
• Built in furniture
• Custom made bar
• Antique chandeliers
• Solid wood doors with high quality locksets and hardware
• Polished aluminum outdoor chairs
• Cast iron dining tables with wooden tops
• Louis XV style custom made chairs
• Professional kitchen
• Wine dispenser (uses nitrogen to keep wine fresh)
• High quality linens, towels, duvets, etc.

+The Hotel as a business:
The hotel has been a remarkable success from inception, occupancy rates were above 60% the first month, and rose rapidly to over 80% after 3 months, and now are above 90%, with confirmed reservations (deposits paid) for at least 90% occupancy until February 2009. We have reservation requests as far ahead as June 2009. We are turning down 10 to 15 reservation requests every day.
This has been achieved with not one penny being paid in marketing expenses!
Our business comes from word of mouth, from other hotels in the area, and mainly from internet websites such as where we rose to a current #2 ranking out of 288 hotels in all of Buenos Aires.

+Why the success?
First, the classic style of the hotel appeals to people who want to experience what it would be like to live in a mansion in Buenos Aires.
The idea of the hotel was to maintain a classic style and feel, but have all the modern amenities, lots of hot water, electricity that works elevator, etc.
Plus, the size of the hotel creates a perfect ambiance for guests to meet, exchange travel stories and advice, and get personalized service at a fraction of the cost of the Four Seasons or a similar hotel.
And of course, the location could not be better. Not just being in Palermo, but being so close to Palermo Hollywood and the subway and convention center as well.

+If you are seriously interested…
Please contact us for more information, financials and details of a possible deal. Selling price was determined by the building valuation plus the business. The owner is willing to listen to serious offers and we can help you not only with the deal process but also to organize a visit to Buenos Aires.
We´ll be waiting for your questions.

Pedro Bernacchi
CEO Grupo PBA srl