Sale of Milan's Hermitage Hotel finalized for $23.1 million

Subsidiaries of Monrif SpA have signed the contract for the sale of Milan's Hotel Hermitage with Leonardo Hotel Hermitage Srl, part of Fattal Hotel Group.

According to Reuters, the deal, which included Emiliana Grandi Alberghi EGA Srl and Immobiliare Fiomes Srl, reached 20.6 million euros ($23.1 million), and included both the property and the management rights. 

The transaction will give Group Monrif consolidated gross capital gain of more than 11 million euros.

Virtual Event

Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.