The French fund Covivio has sold a property located at Piazza Duca d’Aosta 8 in Milan, in front of the Central Station, where the HD8 Hotel Milano, a 4-star hotel with 79 rooms, is located, along with some commercial premises. The property covers an area of approximately 3,000 square meters and spans 11 floors. The acquisition of the property, for €23 million, was carried out through the Coima Core Fund II, which acquires and manages properties located in Milan and other major Italian cities. Covivio had previously acquired the asset in the first half of 2018 for €11 million from Invest Hospitality Group, which continued to manage the hotel through a lease agreement with its subsidiary, HD8 Hotel Milano S.r.l.

Invest Hospitality S.p.A. was established in 2014 as a holding company specifically created for the management of individual hotel properties. HD8 Hotel Milano was completely renovated in 2021 and, thanks to its strategic location, records an average occupancy rate exceeding 90%. In 2014, the property underwent a redevelopment project that included the transformation of its original office use into a hotel. The client was Reale Immobili S.p.A., and the project was valued at €24 million.

The hotel was then opened in September 2015, the year of the EXPO. Invest Hospitality S.p.A. currently holds a portfolio of 9 properties in Milan, offering nearly 1,200 rooms. The currently open hotels include Hotel degli Arcimboldi, a 4-star hotel with 216 rooms; Glam Hotel Milano, a 4-star hotel with 171 rooms; Da Vinci Hotel Milano, a 4-star hotel with 307 rooms; Spice Hotel Milano, a 3-star hotel with 118 rooms; J24 Hotel Milano, a 4-star hotel with 151 rooms; Just Hotel Milano, a 4-star hotel with 74 rooms; Heart Hotel Milano, a 4-star hotel with 52 rooms; and Smart Hotel Milano, a 4-star hotel with 84 rooms.

According to the Hoteltransactions.it platform by Thrends, Glam Hotel was acquired in 2019 for €56 million by DVS Group, sold by Reale Mutua. J24 Hotel Milano was also acquired by LFPI in 2019 for €13.9 million. LFPI also purchased Just Hotel in 2019 for €11.2 million. In the pipeline for 2023, the group plans to open Bloom Hotel Milano with 110 rooms and Scarlatti Hotel Milano with 107 rooms, both 4-star properties. The opening of Palazzo Loreto Milano Hotel with 190 rooms, Joy124 Hotel Milano with 157 rooms, Kastà Hotel Milano with 110 rooms, and Hotel Fiera Milano with 181 rooms is planned for 2024. All the pipeline projects for 2024 will be part of the upscale segment. In 2025, the opening of Kira Hotel Milano, a 4-star hotel with 85 rooms, is planned. Among the recent transactions in Milan, we highlight the purchase of 43station Hotel by Milano Cap Re and the acquisition of Hotel Crivi’s by Extro Hotels.