Radisson Hotel Group Partners With Allianz Real Estate for New Radisson Collection Hotel in Milan, Italy

Belgium, Brussels. May 23, 2019

Radisson Hospitality AB, part of Radisson Hotel Group, is pleased to announce the signing of a new Radisson Collection property in Milan, Italy. Working in conjunction with Allianz, the group will redevelop the former Allianz Italia headquarters in Milan into the Radisson Collection Hotel, Santa Sofia Milan. Set to open in 2022, the hotel will be managed by Allianz Real Estate on behalf of Allianz group companies.

The hotel, located at via Santa Sofia 37 in the central Corso Italia district, will be part of the highly prestigious Radisson Collection portfolio. It will join other landmark Collection properties in Rome, Venice and the recently announced Palazzo Touring Club - also in Santa Sofia, Milan.

The transformation project will create a destination hotel for both high-end cosmopolitan and business clientele. It will have 160 guest rooms, including 43 junior suites and 11 suites, while leisure and dining facilities will include a fine gastronomy restaurant and a rooftop bar with views over Milan. Guests will also have access to a wellness terrace on the fourth floor.

The hotel, which will also offer hi-tech meeting and events spaces for the local and international business communities, will benefit from the new Santa Sofia M4 underground stop, which is expected to open in 2022 and will directly connect the hotel with the city center and Linate Airport.

Elie Younes, Executive Vice President & Chief Development Officer for Radisson Hotel Group, said: "For this hotel, we have chosen our prestigious brand Radisson Collection, an exclusive premium lifestyle brand created for unique and exceptional properties. We are extremely grateful to Allianz for the trust they have placed in Radisson Hotel Group, in our dedicated team and in our most prestigious hotel brand. We will transform this building into a new and exclusive address for the Milanese hotel industry, contributing to the positioning of Corso Italia as a rising and attractive location."

Donato Saponara, Head of Italy at Allianz Real Estate, said: "We are delighted to be repositioning our Santa Sofia office asset into this prestigious hotel. The project will transform the former office building into an iconic destination, providing the very best facilities for its guests as well as enhancing the local area. The project forms part of the exciting regeneration of the Santa Sofia area. The introduction of a hotel which focuses on gastronomy will help to restore this part of Milan into a 24/7 destination for citizens and visitors alike."

Allianz was assisted by CBRE Hotels Italy, led by Francesco Calia, throughout the selection process and negotiation of the commercial terms of the lease agreement signed between the parties. Dentons acted as legal advisor with a team led by partner Maria Sole Insinga.

The Radisson Hotel Team, led by Mauro Vinci, Senior Director of Business Development for Italy, was assisted by Fabio Basile of the Studio Marco Piva on the technical side and by lawyer Nicola Ferrini.

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Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.