Millenium Hotels in Talks to Acquire the Former Asturias Hotel in Madrid

24 October 2019 – The Millenium Hotels socimi is in the midst of negotiations to acquire the former Asturias hotel on Madrid’s Plaza de Canalejas from the Hong Kong-based fund Platinum. The property, which includes two adjacent buildings with a total area of about 13,000 square meters, is reportedly worth 80 million.

It is believed that Marriott, which intends to open its first Marriott W hotel in Spain’s capital on the site, will invest another €25 million to renovate and tailor the asset to conform to the brand’s exigencies.

The future 5-star hotel will have 136 rooms on seven floors.

Original Story: Expansión – Rebeca Arroyo

Adaptation/Translation: Richard D. K. Turner

Platinum Buys the Park Hyatt Site Near Sotogrande to Open its Own Hotel

25 April 2019 – El Confidencial

Platinum Estates has just completed the purchase of Finca Doña Julia, a plot spanning 40,000 m2 located in Casares, between Marbella and Sotogrande, where the Hong-Kong based fund is planning to open a 4-star hotel.

The future establishment is going to be built on the structure that the property developer Evemarina designed for Park Hyatt. Work was suspended on that project after the company filed for bankruptcy when the economic crisis hit.

The debt ended up in the hands of seven banks, which have now sold their stakes to Platinum for an undisclosed amount. The fund led in Spain by Juan Luis Segalerva has been advised by Garrigues.

The same financial institutions have also transferred another plot to Platinum next to Finca Doña Julia, measuring 11,000 m2.

All of these assets are located next to Finca Cosentín, where KKR, together with Altamar and Single Hom are going to invest €450 million in the development of exclusive villas and apartments.

Original story: El Confidencial (by Ruth Ugalde)

Translation/Summary: Carmel Drake

Platinum Puts Hotel Asturias in Madrid Up for Sale

1 March 2019 – Eje Prime

The Hong Kong-based investment group Platinum is looking for a buyer for the Hotel Asturias in Madrid, which it purchased in 2014 and which is going to be home to the W chain’s first hotel in the Spanish capital.

Platinum acquired the hotel from the Salazar family five years ago for €35 million. That operation included the two buildings now for sale located at numbers 9 and 11 Carrera de San Jerónimo, close to Plaza del Sol.

In addition, Platinum is looking to divest another property from its portfolio: the building that it owns on Calle de Jacometrezo. That property contains 139 rooms, is going to be operated by Marriott’s Aloft chain and is due to open in April.

Platinum is managed by the Indian textile merchant Harry Mohinani and his wife Roshni Mohinani; it entered the Spanish market in conjunction with Juan Luis Segalerva.

Original story: Eje Prime (by I. P. Gestal)

Summary translation by: Carmel Drake

WeWork to Open 8,300m2 of Shared Office Space in Barcelona’s 22@ District

2 February 2019 – Expansión

The US co-working giant WeWork is going to open a new office in Barcelona next spring. The company is going to occupy one of the three buildings in the Platinum@Bcn complex, located on Calle Pallars 194-198 and owned by the family property developer Barcelonesa de Imuebles.

The block chosen by WeWork comprises 10 floors and has a surface area of 8,300 m2. With this new commitment, WeWork will have five co-working centres in the Catalan capital, two of which have been inaugurated in recent months.

Original story: Expansión

Translation: Carmel Drake

Indian Fund Platinum Estates Creates €300M Fund to Buy Hotel Assets

28 May 2018 – Eje Prime

Platinum Estates is investing and divesting in Spain. The fund led by the Indian investor Harry Mohinani has launched a new vehicle, its third in Spain, to acquire hotel assets. The entity is going to have a purchasing capacity of €300 million.

In order to set up this new vehicle, Platinum Estates has been engaged in a period of divestment, according to El Confidencial. In recent months, Platinum Estates has agreed the sale of four Hilton establishments (Garden Inn Luton, Manchester Airport, Warwick and St. Anne’s Manor).

Moreover, the fund also sold a luxury residential development that it was promoting on c/General Oraá (Madrid) and Edificio Estel (Barcelona, pictured above), the building made famous for housing the headquarters of Telefónica and which it purchased at the height of the economic crisis.

The latter was the subject of the star operation in the divestment strategy of Mohinani’s fund, given that Platinum paid around €56 million for the property, four years ago, and has sold it for almost €150 million.

Original story: Eje Prime

Translation: Carmel Drake

CDC Sells Its HQ To Platinum Estates For c.€15M

27 April 2015 – Expansión

CDC used to occupy two buildings and has surrendered one of them as security to cover the guarantee imposed by the judge in the case of Palau de la Música.

At a press conference on Friday, CDC (la Convergència Democràtica de Catalunya or Democratic Convergence of Catalunya (political party)) reported the sale of its central headquarters in Barcelona to the Chinese fund Platinum. The political party occupies two adjacent buildings, which have a surface area of 4,500 square metres, on Calle Corcega in Barcelona, and according to sources close to the transaction, the price amounted to almost €15 million.

One of the two properties was surrendered as security to cover a guarantee, after the judge investigating the Millet case, involving the misappropriation of funds from Palau de la Música, imposed a €3.2 million bail charge on CDC.

The coordinator of the internal regime and spokesman for the party, Francesc Sánchez stressed that the headquarters “had not been repossessed” because if it had been “they would not have been able to sell it”.

For the CDC, this transaction is not a simple sale; they say it comes in the context of a (wider) “reorganisation”. In July, i.e. before 27 September (the date on which the Catalan elections will be held) and after the internal consultation by UDC (Unió Demicràtica de Catalunya or Democratic Union of Catalunya) about the model of the State, CDC’s national convention will approve a new ideological base, which will give a social-democratic twist and make clear a sovereign commitment, without ambiguity.

CDC acquired Enher’s former headquarters for €3.7 million (625 million pesetas) in 1998 and moved into the premises in 1999 after the former Catalan President Jordi Pujol faced the ballot box for the final time.

The organisation will continue to rent out its current headquarters for another year and plans to move into a new building after 27 September. Francesc Sánchez listed some of the features that the new building must have: it must also be located in Eixample, it must be bright and spacious and it must have “glass doors” to show transparency and the “inter-relationship” with citizens.

In any event, CDC will be looking for smaller headquarters that are less expensive to maintain. Although the new location must also have capacity to host major events such as national council meetings, which are currently held in hotels.

The purchaser of the building is Platinum Estates, a company headquartered in Hong Kong and owned by the textile magnate Harry Mohinani, of Indian origin. This is not the first investment that the group has made in Barcelona. In 2014, it acquired Telefónica’s former headquarters on Avinguda Roma, known as the Estel building. It paid €56.4 million and plans to dust off the project launched by its former owner, Carlyle, and convert the property into homes. This project has an investment budget of €100 million.

This announcement has taken the real estate market by surprise. At a time when there is surplus capital and few buildings for sale in Barcelona, neither the large consultancy firms, nor the major investor groups were aware that this building was on the market. All signs indicate that the party did not sound out many buyers and that the sale was shrouded in the utmost secrecy.

In 2013, all of the international investor groups returned to the real estate market in Barcelona. And judging by the current pressure in the market, some of them fear that they arrived too late. There is a distinct lack of buildings for sale and the scarcity is even more acute in the centre of the city. A building like the one just sold by CDC meets the expectations of most investors, many of which are looking for buildings to convert into hotels, although in this case, it is expected to continue to be used for offices.

Original story: Expansión (by M. Anglés and D. Casals)

Translation: Carmel Drake