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This 118-room five star luxury hotel was created from a former 15th century convent, with rooms arranged around a glorious central courtyard to create a unique luxury hotel setting in the heart of Milan.
Our client had no intention to dispose of the asset, as their investment strategy was of a long-term nature.
Our client instructed us to provide valuation advice in May 2005.
Due to our in-depth knowledge of the asset and the client’s strategy for the asset combined with our knowledge of the local investment market, we were in an enviable position to create an opportunity for our client.
We approached an Italian buyer (Gruppo Statuto) to whom we had sold another trophy asset - the Danieli in Venice - so we were very familiar with the buyer’s motivations and investment criteria.
The contract was exchanged in March reflecting in its entirety the spirit of the LOI with no re-trading on the sales consideration, which represented for long time the world’s record in terms of price per room well in excess of US$ 2 million.For more information, please contact Roberto Galano, +39 02 8586 8671.
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