Global investor Castlelake acquires stake in Spanish hospitality platform

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Castlelake, a global alternative investment manager with 15 years of experience investing in asset-rich opportunities, announced that it will acquire up to 49.9 per cent of the shares of Millenium Hotels Real Estate, a listed real estate investment company that specializes in luxury hotel properties in Spain and Portugal.

Through the transaction, Castlelake will become the primary shareholder of the company and have three seats on its board of directors.

Castlelake’s investment in Millenium builds on the firm’s history of investing in Europe, where it has acquired more than 7,000 assets across 12 European countries since its founding in 2005. Castlelake’s experience investing in Spanish land and real estate includes the acquisition of fully-permitted land following the global financial crisis and later establishment of  Aedas Homes, which is now one of the largest Spanish housebuilders with nearly 2,000 units delivered in 2021

“Through our investment in the Millenium platform, we aim to enable Castlelake’s investors to obtain exposure to high quality assets in prime Spanish locations while opportunistically participating in the tourism sector’s recovery from the Covid-19 pandemic,” said Evan Carruthers, Managing Partner and Chief Investment Officer of Castlelake.

“With substantial experience in the Spanish market and Europe more broadly, we believe Castlelake is uniquely positioned to support Millenium’s business plan and help it achieve its strategic goals,” he added.

Javier Illan, president of Millenium Hotels Real Estate added, “Castlelake’s support provides Millenium with a strong foundation on which to build momentum and maximize the creation of value for shareholders.”

The Millenium portfolio is currently comprised of 10 hospitality assets across the main tourism destinations of Madrid, Alicante, Sevilla, Bilbao, Cordoba, Alcaidesa and San Sabastian, which Millenium has stated to be valued at approximately €500 million, once fully redeveloped.

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Written by

Deirdre Tynan

Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.


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