The first Italian CitizenM will open on the Lungotevere de' Cenci road that runs along the city’s Tiber river, in a building formerly owned by the National Insurance Institute for Journalists. The investors, Mps Capital Services, which funded the asset management company Antirion sgr on behalf of the closed-end real estate CitizenM Italian Properties reserved fund, will help meet the costs for the redevelopment and conversion of the building into a 4-star hotel.
CitizenM has plans for 13 new properties
The property will be managed by the lifestyle boutique hotel brand as part of an ambitious development project recently announced by CitizenM, which has plans for 13 new properties between 2022 and 2023. The Lungotevere de' Cenci property was acquired by Antirion sgr for €29 million, equal to €6,000 per square metre and, according to the construction plans, around €179,000 per room.
