The assets are 2 small palaces, one located in Cordoba, in Andalusia and the other in San Sebastian, in the Basque Country, which should be refurbished and converted into 5-star hotels.
At the end of June, El Confidencial, which had advanced the news, had already reported that the Spanish REIT would be accelerating the acquisition of 3 hotels and a terrain in Cordoba, which should be concluded this month. As predicted, this operation should be concluded this week or at the beginning of next week.
Negotiations with international operators to manage future installations are also under way. Javier Illán, president and CEO of Millenium Hotels, advanced to the same newspaper that «these new acquisitions will complete a unique portfolio in Spain in terms of location and quality, in two cities which offer great attractions and where tourism has very high quality and a growing international demand, which is the focus of our investment».
It should be noted that, also in June, the REIT moved forward with a capital increase in order to acquire assets and thus continue to grow so as to enter the Spanish continuous market. During the first stage of the capital increase, it managed to gain 23 million euro and in the second stage, it expects to add 250 million euro.
With this operation, Millenium Hotels’ portfolio should reach 500 million euro. It has, on the pipeline, around 960 million euro in assets located in Spain and Portugal.
