Sina Hotels’ Milan boutique hotel The Gray has won a tender for a municipal building.
The property overlooks the Vittorio Emanuele II gallery
In Via San Raffaele, a stone's throw from the Duomo the building, owned by the municipality of Milan located inside the Ciro Fontana gallery, overlooks the Vittorio Emanuele II gallery. The Il Sole 24 Ore newspaper reports that the Florentine hotel group, led by the president of Federalberghi, Bernabò Bocca, won the tender thanks to a bid for €43 million or €1.2 million per year. Given the investment needed to convert the building into a hotel, the duration of the concession has been set at 36 years, instead of the more traditional 18, to guarantee Sina an adequate amortization period.
30 new rooms, public areas and a spa
The building, which is under the protection of the Fine Arts and is on ten floors, will be an extension of the adjacent Sina The Gray, with some additional thirty new rooms and public spaces, as well as a restaurant and a wellness area. In addition to Sina Hotels the Aries Group also participated in the tender. The starting bid was €1.150 million per year, equal to about €550 per square metre.
