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Sale on behalf of Starman UK Company Services Limited – 2006
This grand, historic 237-room hotel opened in 1932 and occupies a prominent location near Milan’s central railway station, close to the city’s main commercial district and the business centre of Milan. On behalf of Starman UK Company Services Limited, Jones Lang LaSalle Hotels was appointed sole exclusive agent to offer for sale by private treaty Le Méridien Excelsior Hotel Gallia.
The hotel was offered either with the benefit of vacant possession or with a management contract with Starwood Hotels & Resorts. A bespoke marketing campaign targeting appropriate global and local Hotel Operators and Investors was undertaken. The competitive bidding process was run electronically providing a secure and easy to access web-based data room.
Contracts were exchanged within 4 months of appointment and achieved a sale price of €105 million, in excess of 30% above client’s expectations. The hotel was acquired by the Qatar Investment Authority (QIA), the third largest producer of natural gas in the world.
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