The exclusive Canalejas Gallery in Madrid, which includes the Four Seasons, closed 2025 with €5.4 million in doubtful debts. Revenue reached €95 million, but net profit was only €3.2 million.
Canalejas Gallery, the luxury shopping centre adjacent to the Four Seasons hotel in Madrid, has closed the 2025 financial year with a shortfall of €5.4 million in doubtful debts. This is reflected in its financial report, which raises the figure from €4.7 million the previous year. Despite generating a total of €95 million, net profit remained at €3.2 million, far from what one would expect from a complex with high-end shops and a five-star hotel.
A burden that does not cease
Unpaid debts are not new to the gallery. In 2024, €4.7 million in debts of dubious recovery were already recorded, and the figure was similar in 2023. The company has allocated €1.5 million to provisions for insolvencies, a lower amount than the €1.85 million in 2024, indicating that the problem persists but is being managed with less urgency.
The report details that the accounts receivable total €3.7 million, corresponding to outstanding invoices from clients of the hotel and the gallery, as well as from tenants of premises. Relationships with agencies and tour operators are the main source of these unpaid debts, according to the company.
For the Madrid resident strolling along Alcalá street, Canalejas Gallery is a symbol of luxury and exclusivity. However, behind the boutiques of Moncler or Sophie D’Agon, the financial reality is less glamorous: the shopping centre generated €12.5 million in 2025, slightly below the €12.7 million of 2024. The Four Seasons hotel, for its part, earned €81.4 million, only four million more than the previous year.
An agreement that changes everything
In April 2026, the two owners of the complex, the construction company OHLA and the Mohari Hospitality fund (linked to Israeli millionaire Mark Scheinberg), reached an agreement to end their long dispute. OHLA, controlled by the Amodio brothers, retained management of the shopping centre, while Mohari took ownership of the five-star hotel.
The agreement involved a refinancing of €63 million and allowed for the separation of assets. Now, each partner manages their part separately, which could improve efficiency. However, the inherited unpaid debts remain a common problem.
For the Madrid reader, the question is whether this separation will affect the experience in the gallery. For now, the shops remain open and the hotel operates normally. The company is confident that the addition of new brands and the increase in foreign tourism will boost results in 2026.
Lights and shadows of luxury
Despite the unpaid debts, Canalejas Gallery has closed its second consecutive year in the black, with a net profit of €3.2 million, far superior to the €157,000 of 2024. However, revenues have not taken off: the hotel barely grew by 5% and the shopping gallery declined.
The opening of new stores, such as Moncler, Maese Place, and Sophie D’Agon, has not managed to reverse the trend. The company hopes that the arrival of more luxury brands and the opening of new hotels in central Madrid will attract a clientele with greater purchasing power.
Meanwhile, the €5.4 million in unpaid debts remain a burden. Will they ever be collected? The company keeps them on the balance sheet as doubtful debts, but does not write them off as lost. For the average citizen, the moral is that even luxury is not exempt from debtors.
“Accounts receivable mainly correspond to clients of the hotel and gallery, within the framework of relationships with agencies and tour operators, as well as tenants of premises,” explains the financial report.
The future will tell if the divorce between OHLA and Mohari serves to clean up the accounts. For now, Canalejas Gallery remains a magnet for luxury tourism, but also a reminder that money does not always flow as expected.
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