Millenium Hospitality CEO Javier Illan steps down

Millenium Hospitality Real Estate CEO Javier Illan has resigned from his role, having lost the trust of the board of directors.

The Spanish real estate investment company focused on the luxury segment said the board has unanimously agreed to accept the resignation of Illan as president & CEO, and appoint its hitherto independent director Luis Basagoiti as a replacement.

Basagoiti has been a member of the board since May 2022. He has previously held CEO and general director roles at companies such as Mapfre Inmuebles, Reyal, Metrovaces and Iberdrola Inmobiliaria. He is currently an advisor to the board of Gavari Properties, a role he will combine with his position as executive president of Millenium Hospitality.

Millenium’s portfolio currently comprises 13 assets worth around €632.1 million, including the JW Marriott and the Nobu in Madrid.