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hospitality Market News: Spanish Real Estate Intelligence

Monrif sold the Carlton Hotel in Bologna to Finint for 32.9 million euro
05 January, Milano Finanza Monrif has completed a sale of a hotel to Finanziaria Internazionale Investments sgr (Finint), the asset manager of the reserved real estate fund Euripide 100% owned by Cattolica. The transaction concerns the Royal Hotel Carlton in Bologna. Meantime, the subsidiary Emiliana Grandi Alberghi subscribed with Finint a 20-year lease contract for the hotel management. The operation is valued at 32.89 million, and it will bring to the Monrif group a gross capital gain of over 18 million euro, with the consequent repayment of two outstanding mortgages for 4.1 million. Monrif was assisted in the operation by the legal firm Nctm, while the legal firm Molinari assisted Finint sgr. Source: Milano Finanza Translator: Cristina Ambrosi
Cattolica acquired the Royal Carlton Hotel
28 December, Il Sole 24 Ore Cattolica Assicurazioni is going on making acquisitions in the hospitality sector. After having completed several operations in Milan and Rome, the insurance company led by Alberto Minali increased the portfolio with the purchase of a large business hotel in the city centre of Bologna. The Royal Carlton is a four-star hotel with more than 200 rooms worth 32.8 million euro. The operation was carried out through the real estate fund Euripide, 100% owned by Cattolica and managed by Finint Investments Sgr. With this operation, the insurance company entered the Bologna market. It aims at consolidating its presence in the segment with this third acquisition in the three years after the Hotel Nhow in Milan in 2016 and the NH Leonardo Da Vinci Hotel in Rome in 2017, both managed by the international hotel chain NH Hotel. According to its business plan up to 2020, Cattolica Immobiliare selected this investment opportunity to diversify the geographical distribution of its portfolio further. In the last few years, Bologna has grown significantly, with a strong international component, thanks to its trade fair district and its industrial vocation. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
From Ferragamo to Marriott: Milan’s new luxury hotels
24 December, Milano Finanza Five stars for Milan’s new Renaissance. By targeting upscale international tourism, the city is going on with the restyling in the name of luxury that started in 2015 with Expo. Several projects are about to be completed, despite the possible obstacles of bureaucracy. The investors are mainly international hotel chains already present worldwide using Milan to enter the Italian market. They generally select historical buildings, often of great touristic relevance, centrally located, offering a comprehensive and sophisticated product. The Hotel Portrait will open in 2020 in the former episcopal seminary of San Carlo Borromeo in Corso Venezia 11. The owner is Lungarno Collection Hotel, a company of the hospitality division of the Ferragamo group. The asset is located in the Quadrilatero fashion district, with an entrance also on Via Sant’Andrea 10. It represents a luxury spot featuring restaurants, a spa, a shopping arcade and an area for events. The empty building across the Brera art gallery will become Milan’s Soho House, the first Italian location of the international clubs already present in 20 cities worldwide. It will include a lounge bar, a gym, a spa, a swimming pool, a library, a small movie theatre, and a rooftop garden. The club aims at becoming the new meeting point for the creative and business scene of the city. Meanwhile, the brand Edison will open a luxury hotel in the building near Porta Romana which used to be the electoral office. It will feature 116 rooms, two restaurants, and a spa. Marriott will be a guarantee of its excellent standards. The company owns several high-end hotels in various cities around the world and is an established name in luxury hospitality. For what concerns low-cost fashion, the Japanese fashion brand Uniqlo will open its first Italian store. The brand operates in 21 markets worldwide with 2 thousand stores, famous its signature line of ultra-light jackets. The store will be inaugurated in spring 2019, and it will develop over three floors covering a total surface of 2,500 Sq m. It will occupy a 20th-century building in Piazza Cordusio not far from Duomo. Source: Milano Finanza Translator: Cristina Ambrosi