Spanish Millenium has luxury hotels in Portugal in its sights

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The CEO of the Spanish “socimi” reveals that it has a project in Lisbon representing an investment of 80 to 90 million euros. Millenium plans to make its debut outside Spain in 2024, first on the Portuguese market, then in Italy.

Real estate investment and management company (“socimi” in Spanish) Millenium intends to move ahead with projects outside the neighboring country, and Portugal is the priority market, the company’s managing director, Javier Illán, revealed in an interview with El Economista.

Millenium, whose main shareholder is US company Castlelake, currently owns 13 luxury hotels in Spain, including the Nobu Seville and five-star units in Madrid, Bilbao, Alicante and Seville.

Spanish Millenium has luxury hotels in Portugal in its sights

Socimi’s plans are to expand in Spain this year and enter the Portuguese market in 2024. Millenium’s director indicates that the value of the portfolio in Spain, when the projects under development are completed, will be 1,200 million euros. And he estimates that growth in the neighboring country will only reach 1,500 million euros. Millenium is therefore already preparing for the “leap” abroad.

As far as Portugal is concerned, Javier Illán declared that Millenium “is considering several operations and, in particular, we have a very large project in Lisbon which will represent an investment of 80 or 90 million euros”.

He also indicated that in Portugal, the focus would be on the capital and Porto.

As for Italy, without specifying a date, the “socimi” director affirms that “there are four or five destinations that seem obvious to us, such as Rome, Florence or Milan”.

Millenium specializes in high-end hotels, with a portfolio of four- and five-star units.

The Spanish “socimi” is controlled by Minneapolis-based American company Castlelake, which holds 49.72% of the capital.

Castlelake was founded in 2005 by Rory O’Neill and Evan Carruthers, who share the company’s management, and manages around $20 billion in assets.

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