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.

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