Swiss Life enters Italian hotel market with double buy in Milan

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.


Latest news

Best read stories