Millenium acquires a building on Calle Zorrilla in Madrid for €30M

Millenium acquires a building on Calle Zorrilla in Madrid for €30M

Millenium Hospitality Real Estate, a Socimi specializing in the luxury hotel sector in Spain, has acquired the building located at number 19 on Calle Zorrilla for its reconversion into a five-star hotel, for a total amount of 30 million euros plus transaction costs, of which the company had made an advance payment of one million euros last year. The purchase of the asset has been made entirely with its own resources.

The acquired property is an emblematic building, with classical architecture from the end of the 19th century, which has an area of ​​4,672 sqm, distributed over six floors, one of which is below ground.

The asset is located in one of the most exclusive areas of Madrid, such as the Gran Vía-Alcalá axis, specifically next to the Congress of Deputies and a few meters from Plaza Canalejas, and the Prado and Thyssen-Bornemisza museums. This area of ​​Madrid is considered the cultural and commercial epicenter of the capital, where some of the most important international luxury hotels are also located, among which are the future JW Plaza Canalejas hotels, and Nobu Madrid, also owned by Millenium .

With this acquisition, Millenium adds 11 assets, all of them located in the best areas of the main Spanish tourist areas.

In the words of Javier Illán, president of Millenium, “The quality of our assets is, without a doubt, our main hallmark, and this acquisition is a good example of this, since it means having the third asset in the most demanded and valued area of Spain, and in what will become one of the most luxurious in Europe in the coming years. We are proud to have a large, extraordinarily homogeneous portfolio where all the assets are top-tier and operated by the best brands, which will help position our company as one of the most attractive in terms of potential value and profitability"

Over the next few months, the company plans to open the hotel, JW Marriot, located in Plaza de Canalejas in Madrid, which will be followed in 2023 by the Nobu hotel in San Sebastián and the Hotel Plaza San Francisco in Seville, as well as the recently acquired building .

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