The Algerian state takes over the Hotel Palace in Barcelona
The Algerian state is the new owner of the legendary Palace Hotel in the Catalan capital.
BarcelonaThe Palace Hotel in Barcelona, the oldest luxury hotel in the Catalan capital, has been owned by the Algerian state for a few weeks now, it was revealed on Tuesday. The VanguardHistorically known as the Ritz, the property located on Barcelona's Gran Via had been owned by Algerian magnate Ali Haddad since 2011. However, in 2019, Haddad was imprisoned in his country for embezzlement, abuse of power, and corruption, leading the Algerian justice system to claim ownership. Despite Algeria's claim, however, the change of ownership of the Hotel Palace in Barcelona was not resolved through legal channels. According to the newspaper, the country reached an agreement with Haddad. This is evident from the fact that a "debt-for-equity swap" was presented for registration of the luxury property at the Barcelona Property Registry, rather than the execution of a court-ordered seizure. Algeria's National Investment Fund, a public financial institution directly under the head of government, received "full ownership of the property" located at 664-668 Gran Via de les Corts Catalanes in Barcelona on August 1, according to the newspaper.
Who is Ali Haddad
Haddad, 60, owned ETRHB, Algeria's first private construction company. In 2019, he was arrested at the Tunisian border while trying to flee the country, hours before the army forced Abdelaziz Bouteflika to resign after 20 years in power, amid a wave of protests. In 2022, Algeria sent letters of request to a dozen countries, including Spain, seeking the return of assets belonging to Bouteflika's oligarchs.
Distinguished Guests
At the Hotel El Palace, depending on the season, a suite can cost between 4,000 and 5,000 euros per night, making a stay there a luxury reserved for a very privileged segment of the population. Many celebrities have stayed at this luxurious hotel since it opened in 1919. In fact, the suites are named after some of its most iconic guests, such as Salvador Dalí, Josephine Baker, and Joan Miró. To learn more about the interior of the Palace, you can read more here. the interview with Francisco Racero, employee of the Hotel Palace since 1983 and currently head of concierge.
