Revolution is at its peak Millennium Hospitality. Hotel company with one of the largest portfolios of luxury and hyper-luxury complexes in Spain It ended to its founder and general manager, Javier Illanfrom accusations president, CEO and Board member. This is because the company’s highest governing body “he would lose his confidence” Incident that resulted in the resignation of all duties in Illán.
He will be replaced by Luis BasagoitiThe person who assumes the duties of Millennium’s founder. The new president and CEO has a long history in the real estate industry: managing director of Reyal, one of the largest companies of the boom years, managing director of corporate real estate management at Mapfre, and since 2021 has been working as an independent consultant.
49 percent of Millennium is controlled by North American fund CastlelakeIt has a large presence in Spain. In addition to his involvement in the hotel REIT, this executive is the largest shareholder of developer Aedas Homes. They are also partners with 5% of the capital each. Reciprocity of the Legal Profession and Arconas InternationalInvestment vehicle of the Sainz de Vicuña family, former owners of the Quilmes brewery and the people responsible for introducing Coca-Cola to Spain.
What is a millennium?
Millennium Hospitality Real Estate Socimi is one of the main owners of luxury hotels in Spain. Her real estate portfolioin the middle of last year worth 632 million euros. However, not all of its hotels are currently in operation; only 40% are in operation; 45% of its portfolio consists of converted buildings and 15% of complexes under development.
millennium adds thirteen hotels, four in Madrid, three five-star and one four-star: Plaza Canalejas with 139 rooms, Alcalá 26 with 50 rooms and Zorrilla with 50 rooms, and Iberostar Las Letras with 109 rooms. Outside the capital, it has hotels in Seville, Alicante, Bilbao, San Sebastián and Cadiz.
The fact is that, despite the impressive projects that the hotel fund has, shares of the company at BME Growth they have lost since their departure On the stock exchange in November 2019 47% of its value.