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hospitality Market News: Spanish Real Estate Intelligence

No luxury hotels. The former Zecca di Stato will accommodate offices
07 December, Milano Finanza Zecca is one of the most famous liberty-style buildings in Rome. The building had housed the State Mint and Polygraphic Institute for decades. Built in 1914, it develops over seven floors with a surface of 17 thousand Sq m and a gross total surface of approximately 70 thousand Sq m. It’s now the property of Società Residenziale Immobiliare 2004, a company 75% owned by Cdp Immobiliare and 25% by Finprema. The asset is restricted by the Superintendence due to its prestigious characteristics. The original plan was to requalify the building by diversifying its use. It was supposed to be a combination of a five-star hotel and 200 apartments, while the remaining portion would have been destined to offices. But during the negotiations, the owners decided to change the use and to reconvert the property almost entirely into office use for a gross surface of about 35 thousand Sq m. Regarding the hotel part, the operation in partnership with Rosewood Hotels and Resorts International Limited (a subsidiary of New World China Land) has not been successful. Hence, Residenza Immobiliare is currently evaluating whether to look for a new partner for the development of the luxury hotel or to reconvert into offices also the part initially destined for the hotel. Source: Milano Finanza Translator: Cristina Ambrosi
 
Flaminio retail: hotels and houses will replace the old barrack
07 December, Milano Finanza Rome’s new residential complex will rise not far from the Maxxi museum and the auditorium by Renzo Piano, which is currently under requalification with the aim of turning it into a cultural hub for the capital. The project concerns a disuses barrack which was closed down in the Nineties, and that is owned by Cdp Investimenti Sgr. It occupies a surface of over 50 thousand Sq m, and it’s composed of 26 buildings which used to accommodate factories, warehouses and laboratories. According to the project, the gross developable area is 45 thousand Sq m. Of these, 35 thousand Sq m will be destined to residential use, 7 thousand Sq m of which to social housing, while the remaining 10 thousand Sq m will be dedicated to commercial properties and hotels. The architectural planning has been assigned to Studio Viganò from Milan. The studio won the international tender launched by Cdp which saw the participation of about 250 candidates from 20 countries. The urban planning proposal was approved in January 2017. Source: Milano Finanza Translator: Cristina Ambrosi
 
Nova Re Siiq invested 23.3 million for three hotels
06 December, Monitor Immobiliare The Board of Directors of Nova Re Siiq approved the agreement concerning investments with Hotel Alla Salute, Alberghi Internazionali and Shg Hotel Verona for the acquisition of three hotels in Verona, Bologna and Vicenza. The agreement implies the acquisition, also in multiple tranches, of the assets for 23.3 million euro in total. The purchase will happen through the acquisition of an ownership quota equal to 53.64% for each property, paying about 12.49 million through bank loans, while the remainder will be paid in cash (46.352% of each asset). The Board has started the procedure for the capital increase in cash in three tranches for a total amount of approximately 10.8 million, including a premium, through the issuance of a maximum of 1,970,804 common stocks at 5.48 euro each which will be disposed of by the seller through separate transfers of ownership quotas equal to 46.352%. Source: Monitor Immobiliare Translator: Cristina Ambrosi