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Millenium Hotels increases revenues in 77%
06 March 2020 |

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Surpassing in 20% its predictions for 2019, Millenium Hotels closed last year with revenues around 4.54 million euro, a 77% yoy increase.

The activity of hotels Via Castellana and Lucentum, which were operational during the whole year for the first time, had a major contribution for those results, as did the purchase of Hotel Meliá Bilbao – also in terms of revenue – which was concluded last December. Besides these hotels, only the returns achieved during the last month of the year with golf complex Alcaidesa were accounted for, according to Millenium Hotels’ latest report.

The profitability of these 3 hotels currently represents 37% of the 319 million euro Gross Value Assets Millenium reached at the end of last year, and that value was distributed between a total 8 luxury units located in the main Spanish cities. This indicator more than quadrupled in only 1 year of activity and, according to the same document, this evolution is due, mainly to the 200 million euro investment in new acquisitions across the country.

These were not the only financial indicators to register a positive evolution between 2018 and 2019. The same report – which was made available by the REIT at the Mercado Alternativo Bursátil – further reports that the net result increased 14.4 times between these two moments, reaching 22.7 million euro. The rents’ evolution and the assets’ valuation may explain this growth, mentioned the document.

The EBITDA also registered 23.5 million euro, an amount 10.9 times higher. Millenium justifies this increase with the «assets’ value increase for a total aggregated value of 25.9 million euro».

For this year, the Spanish REIT specialised in hotels, expects to open two more hotels, the Hotel Alma Sevilla during the first quarter and the Hotel Radisson Sevilla during the fourth quarter. And in order to continue its expansion in the market, two more capital increases which may reach 400 million euro were approved by the company’s shareholders board. Its medium-term strategic plan is to reach a 20 hotel portfolio.