The Italian portfolio of Phi Hotels, a brand of the Xenia Hôtellerie Solution group, expands with the addition of the 4-star Hotel Palio in Asti.
Phi hotels has 12 properties in Italy
The acquisition brings the number of properties in Italy to 12 as the company acquires from the Mogliotti family the business unit and the related conditional lease contracts under the rent-to-buy formula. This entails the right to purchase the properties to be exercised within the first nine years for a total value of approximately €2.4 million.
The hotel will become the Phi Hotel Palio
The group is already present in Piedmont with three 4-star properties in some of the most attractive areas such as the Langhe-Roero area, Cuneo and Bra, and also in Druento, a few kilometres from Turin. The Hotel Palio in Asti, in addition to the 37 rooms available today, also includes 9 parking spaces as well as a restaurant open to the public. From 5 June next, the hotel will be called Phi Hotel Palio.
The company is investing heavily in Asti
The transaction is subject to conditions, and the closing is expected to be completed by the end of 2025. Pending the completion of the purchase of the business unit, it envisages the stipulation of a lease agreement for the same business unit. The relevant funding for the bridging lease period and for the purchase of the business unit is already in the company's hands.
“Strengthening our presence in the Langhe-Roero”
“Integrating a 4-star hotel in the city centre of a destination like Asti is a further step in the realization of our project illustrated in the 2025-2028 Business Plan,- says Ercolino Ranieri, CEO of Xenia. -The hotel will allow us to strengthen our presence in the spectacular area of the Langhe-Roero, one of the UNESCO sites in Piedmont, where we are already present with other properties and where we also aim to grow further.”
