Castello sgr continues its commitment to the world of hotel real estate. According to a report in Il Sole 24 Ore, the asset management company led by Giampiero Schiavo, and controlled since June 2020 by the U.S. group Oaktree Capital Management, will invest a further €400 million. This will go to acquire eight hotel properties with a total 2,000 rooms, with a further 100 million to be spent on upgrading and redevelopment.
Four Points by Sheraton Milan Center becomes a Marriott Tribute
The news comes after Castello sgr acquired the Four Points by Sheraton Milan Center through its Star fund in December. The transaction is believed to have closed for some €60 million, to which another eight million will be added for a light refurbishment in view of the rebranding of the 329-room property which will become a Marriott Tribute.
Investments in hotels are soaring again
Castello sgr currently manages a portfolio of Italian hotel assets worth €800 million, some 37 properties with 5,000 rooms , including the latest acquisition. This portfolio is well distributed throughout Italy, with 30% in the north, 39% in the central regions and 31% in the south and on the islands. The acquisition of the Milanese hotel was one of the last in a year that has seen investment in the hospitality sector return to rise after the difficulties of 2020. Latest estimates show that the volume of investments in Italian hospitality should close 2021 with a total of €1.5 billion, a significant rise over the previous year even if still far from 2019’s record €3.2 billion.
