BNP Paribas Real Estate Investment Management Italy has appointed CBRE to dispose of three luxury hotels in Rome and Milan on behalf of one of its managed funds.

BNP Paribas Real Estate Investment Management Italy has appointed CBRE to dispose of three luxury hotels in Rome and Milan on behalf of one of its managed funds.

The hotels, which are being marketed as the Tricolore Collection hotel portfolio, include the Radisson Blu Milan, Novotel Malpensa Airport and Crowne Plaza St Peter’s Rome.

Offering a total of 766 rooms, they are available for sale as a portfolio or on a single asset basis. Their estimated total minimum rent amounts to €6.8 mln in 2015, CBRE Hotels said.

'The Tricolore Collection is an interesting opportunity for international investors keen on acquiring substantial room stock in the two most important Italian markets,' said Francesco Calia, head of hotels Italy at CBRE. 'Management of the internationally branded hotels, together with light asset management activities can maximise the value of the portfolio and the investor’s financial profile.'

Jileen Loo, head of Asia desk at CBRE Hotels in London, said: 'Ticking all these boxes makes us believe that it will gather significant interest from a large number of international investors including those from the Far East who have recently been very active in the European investment Sector.'

Built in the 2006 and opened in the same year, Radisson Blu Milan is a 250 room property with 30,600 m2 of space.

Novotel Malpensa Airport was built and opened in 2007. The 208 bedrooms are spread over 6 floors. The 4-star hotel has been operated under a lease since 2006 to Accor. The lease has a 25 year term with a 10 year extension option.

The Crowne Plaza Rome St. Peter’s was built in 1974 and features 308 bedrooms spread over three separate buildings. Hotel Invest Italiana S.p.A. has been the owner/operator of the Hotel since 1974. In
2008 the Hotel was sold to BNP Paribas SGR (Formerly BNL Fondi Immobiliari) and leased back to Hotel Invest Italia Srl on a nine-year term, with a further nine year extension option.