Swiss Life Asset Managers has made its first foray in the Italian hotel property market with the acquisition of the Novotel hotel in Milan Malpensa and a Radisson Blu property, also in Milan.
The assets were bought from BNP Paribas REIM, in a deal brokered by CBRE Hotels.
Financial details were not disclosed.
The Novotel in Milan Malpensa is just a few minutes from the airport and provides 208 rooms, six meeting rooms, a congress centre, an outdoor swimming pool and a fitness room. The Radisson Blu, located in the Bovisa area of Milan, comprises 250 rooms, 10 meeting rooms and a conference room that can accommodate up to 240 people, as well as a fitness centre, an indoor heated swimming pool and a wellness centre.
'To this day, we observed hotel sales with a value of €450 mln, a better result compared to the same period of 2017, excluding the transfer of ownership of Boscolo hotels to Värde. It’s not a coincidence that Swiss Life has precisely chosen the asset class hotel to join our market,' said Francesco Calia, head of CBRE Hotels Italy.