The Qatar Investment Authority (QIA) has bought Milan's landmark Excelsior Hotel Gallia for more than EUR 100 mln, according to Jones Lang LaSalle Hotels, which advised on the deal. The 250-room luxury hotel with an eye-catching art nouveau facade is located on the Piazza Duca d'Aosta.
The Qatar Investment Authority (QIA) has bought Milan's landmark Excelsior Hotel Gallia for more than EUR 100 mln, according to Jones Lang LaSalle Hotels, which advised on the deal. The 250-room luxury hotel with an eye-catching art nouveau facade is located on the Piazza Duca d'Aosta.
A spokeswoman for Jones Lang LaSalle Hotels said the sale by Starman UK Company Services Limited - a joint venture between US property investor Starwood Capital and investment bank Lehman Brothers - had achieved a yield of 'less than 5 per cent', or more than 20 times the property's current annual rental income.
QIA is the investment arm of the government of Qatar, the world's third-largest producer of natural gas. It owns both the country's biggest real estate investment company, Qatary Dyiar, and Qatar National Hotels Company, which owns and manages several other five-star hotels including the Doha Sheraton, Doha Marriott and the Ritz Carlton Doha.
