Italy's Starhotels buys properties in Royal Demeure Group collection

Starhotels

Independent Italian hotel group Starhotels has signed an agreement with TDA Capital Group to acquire and manage the hotel properties of the Royal Demeure Group. 

The properties include the Hotel d’Inghilterra near Rome’s Spanish Steps, the Hotel Helvetia & Bristol in Florence’s historical center, the Grand Hotel Continental in the heart of Siena and the  Resort Hotel Villa Michelangelo in Vicenza, near Venice.

The agreement, according to a statement from Starhotels, looks to create "the first high-quality aggregation model in hospitality, adding value to Starhotels entrepreneurial project and relaunching the exclusive properties as part of the acquisition."

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“Our agreement with Starhotels is an important result for the hospitality business, as some of the most prestigious hotels in Italy will be part of the growth of a remarkable Italian hotel group such as Starhotels” Luigi de Simone Niquesa – TDA Capital Group president and CEO, said in a statement.

With the acquisition, Starhotels has 29 hotels in several Italian cities as well as New York, Paris and London. 

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However, investors are heading into the new year with caution because performance is expected to dip, according to a JLL report.

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.