The Italian investment company Star Gestioni Srl acquired the 55-room 4* Hotel M89 in Milan from Torre SGR for a value of EUR 7.7 million (EUR 140,000 per room).
The property has a total area of approximately 4,600 square meters and is spread over seven floors above the ground, plus a basement.
The hotel, located in the Taliedo district on the south-east side of the city along Via Mecenate, was previously purchased by Torre SGR in 2017 on behalf of the fund Opportunitá Italia real estate for a total of EUR 8.3 million.
At the same time as the 2017 purchase, OPI had signed a lease agreement with a duration of 18 + 18 years for an annual rent of EUR 460,000.
The hotel is adjacent to the Gucci hub space, which opened in September 2016.