Foruminvest Italia recently announced the purchase of a land of 11,500 square meters for a new hotel development. The lot is located adjacent to the international terminal of Milan Malpensa airport inside the Mxp business park and next to the Vodafone automotive headquarters. The first Tribe d’Italia, a brand from the Ennismore portfolio (by Accor), will be managed by the Italian white label group Amapa, already a partner of the French chain in several operations.
The hotel will have 240 rooms, including 10 suites, a fitness center, meeting rooms, a restaurant and bar on the ground floor, a swimming pool on the panoramic terrace and a total of 130 parking spaces, partly covered. Construction will begin in the second quarter of 2022 and the hotel is scheduled to open in the fourth quarter of 2023. The acquisition confirms Foruminvest’s investment strategy in the Italian market. In Italy Forum real estate management (Frem) manages a portfolio of 13 properties, for a value of approximately 1 billion euros. On domestic soil, Foruminvest is developing a 102-key 5-star hotel located in a panoramic position in Menaggio, on Lake Como.
The Tribe’s pipeline follows the recent signing of an agreement between Amapa and “Unione 0” real estate fund. The fund is managed by Prelios SGR and owned by Hines and Cale Street. Amapa will manage the franchising of the future dual-branded hotel complex Adagio-Novotel of 301 keys for a 25-year lease. Novotel will occupy 204 rooms, while the portion of serviced apartments will be reserved for Adagio for a total of 97 apartments intended for medium-long term use.
More on the topic of development and conversions, are the acquisitions by Artisa Group, of the Milanese lots on which the future City Pops will be developed. In this regard, we recall that Artisa group, a Swiss real estate development company, had taken for approximately EUR 30 million a 15,000 square meter complex in Viale Monza 139 with the aim of converting and redeveloping the complex into a City Pop residence of approximately 260 apartment units.
Last March Artisa had signed the preliminary contract for the purchase of an additional 3,500 square meter lot in via Alzaia del Naviglio Grande, at street number 118, also in Milan. In this case, the company’s goal was to build the second Italian City Pop complex which, with a total investment of over 18 million euros, involved the construction of 109 apartments.