Millenium purchases the future Marriott W hotel in Madrid for 82M euros

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The Millennium hotel company, which has managed to close an agreement with the Hong Kong Platinum fund to keep two historic and central buildings that will be converted into a luxury hotel.

After weeks of negotiations, the project led by Javier Illán has given 82 million euros to Hong Kong Platinum fund for the properties located at numbers 9 and 11 of the Carrera de San Jerónimo, near the Puerta del Sol, Casino de Madrid and near Gran Vía. It is located opposite the Four Seasons luxury hotel complex in Canalejas.

These assets, built at the end of the 19th century and with Patrimonial Protection and known for hosting the Asturias hotel, are being renovated and have a valid hotel and building license. In fact, they will house the first five-star Marriott W hotel in Madrid and will include 136 rooms among its seven stories high. Its surface is around 13,250 m2.

The operation has been closed with a mixed formula: 75% of the amount has been via own funds, while to disburse the remaining 25% the socimi (20.6 million euros) has been subrogated to two Santander mortgage loans, whose Maturities are in 2026 and 2030.

The socimi takes another step in its investment strategy, for which it has more than 500 million euros, and reinforces its presence in the capital. It also has hotel establishments in other cities such as Alicante, Bilbao and Seville. Millenium's goal is to have a portfolio valued at around 1 billion euros in 2022, according to the plans that the company unveiled before going public.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Join us November 13-15 for the Property Portal Watch Conference Madrid 2019.