The luxury hotel investment platform Basant plans to explore opportunities in Italy and Portugal, although it currently has no operations underway in those countries.
The luxury hotel asset investment platform Basant, active in Spain and Mexico, is preparing to enter southern Europe. According to THE OBJECTIVE, the company will explore opportunities primarily in Italy and Portugal, alongside the appointment of Álvaro del Castaño as partner and new co-CEO.
Del Castaño, former head of Goldman Sachs in the Iberian Peninsula, will lead this new phase alongside Jerónimo Bremer, the firm's founder. Basant indicates that this is its roadmap, but there are currently no operations underway in either Italy or Portugal.
The company manages investments of around €1 billion, raised from institutional funds, sovereign funds, and family offices (vehicles for high net worth individuals). Among its assets are the building at calle Alcalá 44 in Madrid and the Hotel Suecia, also in the capital.
Bremer, who founded Basant after selling his stake in RLH Properties, highlights the addition of Del Castaño with these words:
“We share a long professional history and a similar understanding of the business, based on excellence, long-term vision, and alignment with our investors.”
Del Castaño, who holds a degree in Business Sciences from Universidad Complutense de Madrid, believes that the firm is set to play an increasingly significant role in the international real assets market. The goal is to triple the value of the assets to €3 billion in luxury hotels.
Basant's first operation was the purchase of Alcalá 44, an office building that is set to be converted into a high-end hotel. The platform is now seeking unique buildings in Madrid, Italy, and Portugal, although it has yet to finalize any purchases in these last two countries.
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