A second branded scheme for the Blasson-Pictet partnership
Madrid is set to welcome a new ultra-luxury residential project associated with the Ritz brand, closely linked to the historic hotel on Plaza de la Lealtad. Blasson Property and Pictet Alternative Advisors will develop 29 branded residences at number 14 Calle Goya, in the former Audiencia Nacional building. The budget for the conversion amounts to €150 million.
The project, named Ritz Residences Madrid, sits on the Salamanca-Recoletos axis, one of the most sought-after residential areas in the Spanish capital. It combines location, brand heritage and a service model dedicated to owners.
It is the second scheme of its kind launched jointly by the two partners, following the Mandarin Oriental residences at 47 Calle Hermosilla, on the corner of Calle Núñez de Balboa. That first project set price records in the capital, exceeding €22,000 per sq m, and its units were sold in just 16 months. The stated objective for Calle Goya is to surpass that threshold.
A standalone building linked to the Mandarin Oriental Ritz
Unlike many schemes integrated into a hotel complex, Ritz Residences Madrid will take the form of an independent building with its own identity. Its proximity to the Mandarin Oriental Ritz will nevertheless give residents access to personalised services and experiences connected to the hotel.
This model of standalone residences attached to a luxury brand is gaining ground in the European market, as illustrated by the residential strategy of Mandarin Oriental, which has just expanded its Exceptional Homes collection to 43 villas with Lopud and Porto Heli.
The project’s architecture has been entrusted to Spanish practice Bueso-Inchausti & Rein Arquitectos, while the interior design is by IBU Studio.
The legacy of César Ritz
The scheme is the first residential project developed under the Ritz brand anywhere in the world. While other establishments use the trading name, the current Mandarin Oriental Ritz in Madrid is historically linked to César Ritz, the Swiss hotelier who also founded the Ritz Paris on Place Vendôme. Together with the Ritz London on Piccadilly, these three addresses form the historical foundation of the brand.
The Madrid hotel opened in October 1910, inaugurated by King Alfonso XIII and Queen Victoria Eugenie. In May 2015, Mandarin Oriental and the Saudi Olayan Group acquired it for €130 million.
Almost 10,000 sq m, including 3,000 sq m of shared spaces
The Calle Goya building rises over eight floors, topped by a roof terrace, for a total floor area of around 10,000 sq m. It will offer 100 parking spaces. Each residence will measure approximately 300 sq m.
In addition to the hotel-linked services, owners will enjoy private facilities spread across 3,000 sq m of shared spaces, including a panoramic terrace overlooking central Madrid reserved exclusively for their use. The scheme will include two swimming pools, one indoor and one on the roof, a sauna, a spa, a fitness room, a wine cellar, a library bar, a private dining room and a dedicated pet area.
The address is a short walk from Retiro Park, Calle Jorge Juan, renowned for its dining and retail offer, and the capital’s main museums, an area where the high-end offer continues to intensify, as shown by IHG’s recent signing of San Bernardo, Vignette Collection, in the heart of Madrid.
Completion expected at the end of 2028
Interior demolition of the building has been completed. Structural reinforcement works and the dismantling of the façades are under way, with completion scheduled for the end of 2028.
Sales will run in parallel through a restricted process, outside conventional sales channels. Blasson and Pictet acquired the building a year ago from the Socimi (Spanish REIT) GMP, its previous owner.
Two investors specialising in the ultra-luxury segment
Founded in early 2021, Blasson has established itself as one of the most active management companies in Spain over the past five years. It is led by its founder Antonio Pan de Soraluce, former head of Colliers in Spain, alongside Francisco J. Meliá and Enrique Benjumea, both former OHL executives. Specialising in luxury hospitality and residential property, it currently manages 14 projects across Spain and Mexico, with a market value of close to €2.2 billion.
Pictet Alternative Advisors is the entity within the Geneva-based Pictet Group responsible for direct and indirect investments in hedge funds, private equity and real estate assets for private and institutional clients. It draws on almost 200 alternative investment specialists and manages around €46 billion ($54 billion) in assets, making it a leading player in Spanish real estate.
At a glance by The Hospitality Tribune
Ritz Residences Madrid: first-ever Ritz-branded residential project
Blasson Property and Pictet Alternative Advisors commit €150m to convert the former Audiencia Nacional building at Calle Goya 14
29 ultra-luxury units of around 300 sq m each, with 3,000 sq m of private amenities
Standalone building with access to services from the nearby Mandarin Oriental Ritz
Target: beat the €22,000/sq m record set by the duo’s Mandarin Oriental Residences on Calle Hermosilla
Completion scheduled for late 2028, with a private, off-market sales process
