Invesco Real Estate has added two hotel developments in Italy to its €1.5bn pan-European hotel portfolio.

The global real estate investment manager said it investing €160m to forward purchase the hotels in Florence and Milan, a deal which adds an additional country, operator and hotel style to Invesco’s hotel portfolio.

The hotel in Florence is scheduled to open in the second half of 2020. The new NH Collection hotel in Milan is set to open in the fourth quarter of 2021.

Both hotels will be operated under long-term lease agreements.

Chris Brassington, senior director - fund management at Invesco Real Estate said: “The addition of these assets provides access to a new-build lifestyle hotel in the heart of Florence and the growing Citylife district of Milan, where corporate and convention demands are set to increase.

”These assets will add value creation opportunities and stable income for our investors’ growing portfolio of investments.”