Socimi Millenium Hospitality Real Estate has purchased the Iberostar Las Letras Gran Vía hotel in Madrid for 70 million euros, consolidating its presence in the luxury segment.
The Iberostar Las Letras, with 109 rooms, enjoys a privileged location, practically at the confluence of Gran Vía and Alcalá streets, today the cultural and commercial epicentre of Madrid. Some of the most important international luxury hotels are located in the same area.
The same area will soon house the future JW Marriot, Zorrilla 19 and Nobu Madrid, also owned by Millenium. In fact, Socimi plans to inaugurate the JW Marriot hotel in the Plaza de Canalejas before the end of the year, followed in 2023 by the Nobu San Sebastián, the property to be located in the recently acquired Calle Zorrilla 19.
Millenium plans to acquire new assets in the coming months, "all of them of high quality and with great value potential, with the aim of completing the investments planned after the second disbursement of the capital increase carried out last May".
Millenium also intends to complete the investment process, which began with the July 2021 capital increase and with which it aims to achieve a GVA (gross asset value) of the portfolio close to 1,000 million euros in the short to medium term.
To this end, it has hotels in the pipeline with a value of around €500 million, which are perfectly in line with the company's strategy in terms of quality and return potential.
For the time being, Millenium Hospitality Real Estate has not yet specified whether Iberostar will remain the operator of the Iberostar Las Letras Gran Vía hotel.