Three Buildings in Milan, 200 Metres from Piazza Duomo, Available For Sale to Convert to 280-Key Five-Star Hotel
Location: 200 Metres from Piazza Duomo…very central Milan, Italy
Name: TBA – Open to buyer
Guide Price: The three buildings (three owners) – €175m plus budget to convert
Guide Price per Key: €625k plus renovation costs
No. of Keys: Would make 280 rooms
The Opportunity:
These three adjacent buildings at Nos. 1, 3 and 5, are currently retail, office and residential – with an existing four-star hotel in the middle building, with 135 rooms. The total site is around 21,000 sqm. In addition there is a large underground car park, with 900 spaces!, in front of the site, also available to be bought under auction. Although the buildings are owned by separate owners, our local agent has secured agreement via a notary, with nominative madate from the owners, to acquire the three buildings in one transaction.
From the doorstep of this superior quality city centre guests can easily explore one of the most vibrant cities in Europe. Located a stone’s throw away from the Duomo, La Scala and Via Montenapoleone, guests can effortlessly tour the fashion capital of Italy.
The hotel has three conference rooms holding up to 100 people.
Planning consent is in place, via approval from the Comune di Milano. The hotel is currently closed and the other two buildings offer Vacant Possession. The three buildings are 5,500 – 7,500 (the hotel) and 7,500 sqm respectively.
Our local agent can put together the best team of architects, designers and development contractors. The purchase can be made as either an asset or share deal. The hotel has been on the market for some while, but the new advantage is to acquire the two adjacent neighbours. The project has been two years in the negotiation! GA
Flag & Management: Free to buyer
Current Owner: Three parties
Main Photo: TBA
Financials: Available upon submission of EOI
Tenure: Freehold
Agent: Local THPT Partner – In Italy there is usually both a seller and buyer side fee
Date Posted: March 2022
THPT Comment: This is a fab opportunity to create a decent-size five star hotel, right in the heart of Milan – at least 250 rooms. A must-see opportunity for any global hotel group looking for a site in Italy’s most cultural city
Hotel & Serviced Apartment owners can be naturally reticent in publicising their property is for sale…for confidentiality reasons, for staff and current client reasons, so the properties featured in this section will either be “generic” or “name specific”
Each week we mail the opportunities posted in that period, but check-out the tab “Hotels Available” and call us for details of “Under the Table” – deals not posted on the site at all.
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MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.
