Quinlan Private Sells Four Seasons Hotel, Milan for EUR200+ mil
MILAN, Italy, April 3, 2006. The 118 room hotel has been sold to Statuto Group for in excess of EUR200 million. The sale consideration marks a world record value per hotel room to date.
Giuseppe Statuto, Owner of Statuto Group said: 'With purchasing the Four Seasons in Milan, we complete our strategy in luxury hotel development in Milan and can offer the most prestigious locations and services with The Four Seasons, Duomo Hotel and in addition to the hotels that we will build in partnership with Starwood Hotels and Resorts.'
Roberto Galano, Head of Jones Lang LaSalle Hotels, Italy said: 'This is the biggest deal in the Italian market since the sale of Hotel Danieli in Venice also purchased by Statuto in 2005 which sold for EUR177 million. It is a trophy asset and one of Europe's top performing hotels. Jones Lang LaSalle Hotels advised the vendor through both the UK and Italian offices in an off market transaction that will complete in four months time.'
Peter Donnelly, Partner, Quinlan Private, commented: 'While we are sad to see one of our best hotel assets leave our portfolio, we are pleased to have delivered an attractive return for our investors. Despite difficult market conditions in the hotel industry over the past 3 years, the value we have created for our investor group shows the benefits of Quinlan Private's strategy of investing in luxury hotels in prime locations.'
The Four Seasons hotel is located in the heart of Milan's fashion and retail district. It is steps away from La Scala and the financial district on the exclusive Via Ges`u. The former 15th century convent boasts 118 rooms that are arranged around a glorious central garden courtyard.
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