Italian asset manager Castello’s Star fund has completed the acquisition of the Four Points by Sheraton Milan Center hotel, located in the Porta Nuova area, for an undisclosed amount.
The hotel offers 239 rooms as well as a conference center with 7 meeting rooms, a restaurant, a bar and a panoramic roof terrace located between the two main railway stations in Milan: Centrale and Garibaldi.
The fund's strategy envisages the investment of €8 mln for a light refurbishment of the hotel over the next 18 months and to complete the rebranding operation of the structure as Marriott Tribute, an innovative premium lifestyle brand with 12 hotels throughout Europe , including the Great Northern Hotel in London, the Apollo Hotel in Amsterdam and the Gekko House in Frankfurt.
Through this important transaction, Castello SGR consolidates its exposure to the hospitality segment in Italy. The company owns 37 accommodation facilities with a total of 5,000 rooms.
Giampiero Schiavo, CEO of Castello Sgr said: ‘With this acquisition, we confirm our leadership in the hotel industry. The funds managed by Castello Sgr hold accommodation facilities with a value of over €800 mln and therefore we manage the most important real estate portfolio in Italy dedicated to the hotel sector.’
