Reyal Urbis

What Reyal Urbis does

Reyal Urbis S.A. (en liquidación) is a Spanish real estate company headquartered in Madrid that was formed in 2007 through the merger of Inmobiliaria Urbis and Construcciones Reyal, historically operating as one of Spain's largest residential developers and landlords. The company runs four integrated business lines: Promoción residencial (first-residence housing for middle-class buyers), Gestión de suelo (land management over a 5.9 million m² buildable portfolio across 25+ locations in Spain and Portugal), Patrimonio (rental property including offices, retail, residential, and hotels across 81,000+ m² at ~87% occupancy), and hotel operations under the Rafaelhoteles and RafaelHoteles By brands (5 hotels, 659 rooms, 6 restaurants, 32 meeting rooms, 2,500+ m² of event space). Revenue in 2021 totaled €95.916 million, with land management (€78.123M) and hotel operations (€10.391M) the largest contributors.

The company's business model combines one-time asset sales (residential units, land parcels) with recurring rental and hospitality income, distributed through direct sales offices and regional delegations across Madrid, Jerez, Málaga, Las Palmas, Barcelona, Valencia, Murcia, Valladolid, La Coruña, Zaragoza, and Lisbon. Following the 2008 economic crisis, the company filed for voluntary bankruptcy in February 2013, transitioned into formal liquidation in September 2017, and was delisted from all Spanish stock exchanges in January 2018 by the CNMV. As of 2021, the company continues to operate its business segments under court supervision of bankruptcy administrators BDO Auditores and AEAT, with active management under José Antonio Ruiz (Land, Urban Planning, Heritage and Production), Marian Lucas Manzanares (Corporate), and Juan Escudero Ruiz (Hotels).

Name

Reyal Urbis

Legal name

Reyal Urbis S.A. (en liquidación)

Website

https://reyalurbis.com

Company type

Public

Founded year

2007

Operating status

Closed

Headcount range

51–100 employees

Short description

Reyal Urbis is a Madrid-based Spanish real estate company in court-supervised liquidation, historically operating residential development, land management, rental property, and the Rafaelhoteles hotel chain across Spain and Portugal.

Ownership category

akta.pro rank

Product category

Real Estate Development and Property Management

NAICS

Real Estate Property Managers (53131), Lessors of Real Estate (5311)

SIC

Real Estate Agents & Managers (For Others) (6531), Hotels & Motels (7011), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Hospitality (Hotel) Property Management (BPAJAGAG)

akta.pro secondary industries

Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE), Residential Real Estate Asset Management (BPAJAMAA)

Keywords

• Residential real estate
• Commercial property leasing
• Land bank management
• Hotel operations
• Real estate development

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Others, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Residential Development (Promoción residencial): Primary line of business historically - development of first residence housing across Spain. Revenue of €3.447 million (2021). Limited investment capacity following 2007 economic crisis and subsequent liquidation phase.
2. Land Management (Gestión de suelo): One of the largest land portfolios in Spain with 5.9 million m2 of buildable land as of December 31, 2021. Land management has been used as a means to add value to assets in the current market situation.
3. Property Portfolio (Patrimonio): Rental property portfolio with over 81,000 m2 of leasable space above ground. Diversified across office buildings, hotels, retail spaces, and residential units with approximately 87% occupancy rate. Revenue of €78.123 million (2021).
4. Hotel Operations - Rafaelhoteles: Hotel chain operating under Rafaelhoteles and RafaelHoteles By brands. Five hotels in Madrid and Catalonia with 659 rooms, 6 restaurants, spa, and 32 meeting rooms totaling over 2,500 m2 of event space. Revenue of €10.391 million (2021).

Distribution channels1 record

Core offering

Reyal Urbis develops and sells residential properties (primarily first residences for middle-class buyers), manages a 5.9 million m² land bank across Spain and Portugal, leases a diversified 81,000+ m² rental property portfolio (offices, retail, residential) at ~87% occupancy, and operates five urban hotels under the Rafaelhoteles and RafaelHoteles By brands in Madrid, Catalonia, and Baqueira-Beret. The company is currently in court-supervised liquidation following a 2013 bankruptcy filing and 2017 liquidation order.

Product overview

Reyal Urbis operates as a diversified real estate company with four main business areas: residential promotion (Promoción residencial), rental property management (Patrimonio), land management (Gestión de suelo), and hotel operations through the Rafaelhoteles brand. The company manages five hotels under two brands—Rafaelhoteles (urban mid-range hotels) and RafaelHoteles By (luxury properties)—complementing its core real estate development and property rental activities. The company is currently in liquidation proceedings following a 2013 bankruptcy.

Differentiator

Problem solved

Functional benefit

Brands

• Rafaelhoteles: Hotel chain brand encompassing five urban hotels in Madrid and Catalonia with quality-price focus on comfort, functionality and attentive service. Includes two sub-brands: Rafaelhoteles (standard) and RafaelHoteles By (luxury, including RafaelHoteles By La Pleta in Baqueira-Beret, a 5-star hotel).
• RafaelHoteles By

Products and services

• Promoción residencial (Residential Property Development) Development and sale of residential properties, focused on first residences for middle-class buyers across major Spanish metropolitan areas. Includes housing stock of 118 units. Revenue of €3.447 million in 2021 under the company's liquidation phase.
• Patrimonio (Rental Property Portfolio) Leasing of office buildings, hotels, commercial spaces, industrial warehouses, and residential units totaling more than 81,000 m² of leasable space above ground, with approximately 87% occupancy. Revenue of €3.955 million in 2021.
• Gestión de suelo (Land Management)
• Rafaelhoteles (Hotel Operations)
• RafaelHoteles By (Luxury Hotel Brand)

Quantifiable outcome

• 87% occupancy rate on rental property portfolio
• +3 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• NH Hotel Group: Spanish-headquartered urban hotel operator with strong presence in Spain's business destinations, comparable to Reyal Urbis's Rafaelhoteles chain as a potential acquirer of the hotel platform.
• Metrovacesa: Major Spanish residential developer that also navigated Spain's distressed real-estate cycle; directly comparable as a listed Spanish homebuilder and land-bank holder, and one of Reyal Urbis's closest historical peers.
• Testa Residencial: Spanish residential rental platform that emerged from Sareb-sourced assets with multi-thousand-unit rental stock across Spanish metros — comparable to the residential portion of Reyal Urbis's Patrimonio book.
• Realia: Spanish real-estate company with residential development and rental property operations across Spain, sharing Reyal Urbis's hybrid development + heritage asset model and primary residential tenant base.
• Meliá Hotels International: Spain's largest hotel operator with significant presence in Madrid, Catalonia, and resort destinations including Baqueira-style leisure markets, making it the most comparable operator for a Rafaelhoteles buyer.

Broad incumbents

• Immobiliaria Colonial: Listed Spanish REIT (SOCIMI) focused on prime office space in Madrid, Barcelona, and Paris — overlapping with Reyal Urbis's office segment and a potential acquirer of its prime office assets.
• Merlin Properties: Spain's largest diversified REIT with offices, retail, logistics, and hotels — directly comparable as a buyer of Reyal Urbis's mixed rental portfolio given its existing scale and SOCIMI structure.
• Lar España: Spanish SOCIMI focused on retail and offices across Spain's main cities, overlapping with Reyal Urbis's Patrimonio portfolio and serving as a comparable listed vehicle for similar asset classes.

Emerging players

• Aedas Homes: Listed Spanish homebuilder focused on first-residence development in major metros — directly addressing the same buyer segment Reyal Urbis historically targeted and a logical land-bank buyer.

Others

• Sareb: Spain's 'bad bank' managing distressed real-estate assets transferred from rescued banks — directly comparable as an operator of distressed Spanish real-estate portfolios and a structural counterparty for Reyal Urbis-era assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reyal Urbis