Spanish REIT Millenium Hospitality has acquired the Iberostar Las Letras Gran Vía hotel in Madrid for €70 million.
The purchase has been made through its own funds.
The hotel has 109 rooms and is located at the corner of Madrid’s Gran Vía and Alcalá streets.
Earlier this year Millenium raised an additional €245.7 million through a capital increase, which it said at the time it would to use to buy assets to turn into luxury hotels in key destinations.