Italian real estate developer IGEFI Group recently sold the under-development NH Collection Milan hotel to global real estate investment manager Invesco Real Estate.
The under-construction hotel, part of the new NH Collection, the upper-upscale brand of Minor International's NH Hotel Group, is located in the up-and-coming Milan sub-market of CityLife, a mixed-use development that includes office, retail and residential space, all created by the redevelopment of a historic neighborhood. It has attracted major international companies, some of which have relocated their European headquarters there (such as Allianz, Generali, PwC).
The 185-room hotel is set to open in Q4 2021 and will include food and beverage offerings, conference facilities and a rooftop swimming pool.
“Milan has once again proved that it is an appealing market for international investors such as Invesco Real Estate,” said Francesco Calia, head of CBRE Hotels Italy. (Los Angeles-based real estate company CBRE assisted with the sale.)
Invesco is reportedly investing €160 million to forward-purchase hotels in Florence and Milan. The hotel in Florence is scheduled to open second-half 2020.
Last month, Minor International agreed to sell three of its NH-branded hotels in Lisbon to funds managed by Invesco Real Estate. They will be operated by NH Hotel Group under a long-term lease agreement with the new owner.