Palace Vista Eder bought for €10.5M to be turned into a hotel

Palace Vista Eder bought for €10.5M to be turned into a hotel

Photo Collected From Google Maps

The transaction was concluded for 10.5 million euro and announced at BME Growth, where the REIT is listed. The name of the seller was not disclosed.

The asset was built in 1912 and designed by architect Francisco Urcola, it is located on the city’s seafront at number 32 Paseo de la Miraconcha. Refurbishment works should start soon and the opening of the new "5 Estrelas Gran Lujo" is expected for 2022.

For the president of Millenium Hotels, Javier Illán, «this new acquisition completes a portfolio that is unique in Spain in terms of location, quality and value potential, within one of the referential cities in terms of luxury tourism which has very few iconic assets for sale such as this one, which fits perfectly into Millenium’s strategy of creating value through a portfolio of great hotels located in the best cities».

With the conclusion of this operation, Millenium Hotels now has around 500 million euro in assets under management, which is spread across 10 units: 3 operational, 6 under refurbishment and 1 being developed.

Even in times of pandemic and with limited returns, the REIT keeps following its growth strategy. Proof of that was the 150 million euro capital increase carried out in June and the diverse set of assets it has under its sights, which together represent 960 million euro. Its goal, according to Expansión, is to reach 20 units in Iberia and thus double its current portfolio.

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