Four Seasons Hotels and Resorts announced the development of the Four Seasons Hotel Madrid, a 215-room luxury property slated to open within the next four years. The company's first hotel in Spain will be part of the Canalejas project, a multi-use development that includes the conversion of a number of historic buildings adjacent to the Puerta del Sol. The complex will be within walking distance of Madrid's city center and many of the city's major landmarks. Also planned for the site are luxury residences managed by Four Seasons, a shopping center and a parking garage. Construction will begin at the end of this year.