Millenium to sell its hotel Vía Castellana to ‘family office’ Ibervalles

Millenium to sell its hotel Vía Castellana to ‘family office’ Ibervalles

The four-star 228 room building will be sold to one of the REIT’s main shareholders for 40 million euro.

Located next to plaza de Castella, within the paseo de la Castellana, the hotel is part of Millenium’s portfolio since it started being listed in 2019. The four-star hotel is currently managed by group Hotusa.

If the shareholders approve, the transfer to Ibervalles, from the Isidro family, which is also Millenium’s major shareholder.

As informed by Millenium at the end of last year, the REIT had 960 million euro on the pipeline. The company’s latest operation was the purchase of Palacio Vista Eder, located in front of San Sebastián’s La Concha Bay, for 10.5 million euro.

Millenium also owns the hotel Eurostars Lucentum in Alicante and the Meliá Bilbao, as well as six other 5 star hotels under development: the Plaza de la Magdalena and the Plaza San Francisco, both in Seville; Hotel Gran Vía 4 in Bilbao, Hotel Carrera de San Jerónimo in Madrid and hotel La Hacienda San Roque in Cadiz.

According to the latest results it announced, corresponding to 2020’s first six months, Millenium registered net losses of 11.9 million euro, against the 3.75 million euro positive results from the first six months of 2019. The REIT led by Javier Illán attributed the negative numbers to its assets’ decreasing value, which had a negative impact of 11.4 billion euro.

Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!