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Millenium Hotels reaches €117.35M GAV
14 October 2019 | Vanessa Sousa

REIT specialised in the high-end hotel segment Millenium Hotels reached, within the first six months of the year a 117.35 million euro Gross Asset Value, 5.1% more than last December.

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This is part of the financial data concerning this year’s first semester that is included in the company’s report now made available by Mercado Alternativo Bursátil, where the company has been listed since July.

The report also revealed that the profitability over estimated cost of acquisition in a stabilized portfolio was above 6.5%.  Currently Millenium Hotels’ portfolio includes 5 hotels, with only two being operational – the Hotel Via Castellana (Madrid) and the Hotel Lucentum (Alicante), both 4 star hotels. The remaining three are under refurbishment and conversion.  

The five star Plaza Magdelena should start its activity on the third quarter of 2020. The Plaza San Francisco is expected to open within the last three months of 2020. Bilbao’s Gran Vía should only open its doors at the beginning of 2021.

Millenium Hotels closed the semester with a net profit of 416.894 € and a 1.3 million euro EBITDA, «which allows us to think Millenium will meet the predictions and the guidance brought on by its incorporation in MAB», mentioned the company in the same report.

«The prime real estate’s strength in Spain, together with the sustained increase of quality tourism, makes us optimistic towards reaching our goals in the mid-term», the report concluded.